(Alliance News) - Inchcape PLC on Thursday expressed confidence goIng forward despite a swing to loss in 2020 amid a double-digit decline in revenue.
The London-based automotive distribution, retail and services company said revenue was GBP6.8 billion for 2020, down 19% on an organic basis and 27% on a reported bases.
Pre-exceptional pretax profit came in at GBP129 million, more than halved from GBP326 million reported for 2019, while Inchcape said it swung to statutory pretax loss of GBP128 million, reflecting GBP257 million of exceptional charges.
Inchcape resumed dividend payments at 6.9 pence per share for the year, as a result of its "strengthened" financial position and confidence in the future, but this was down 22% from 8.9p paid a year prior.
"Our 2020 results came in ahead of recently upgraded expectations, supported by increased resilience of demand for both Vehicles and Aftersales services in the fourth-quarter. The group's inherently cash-generative business model contributed to the strengthening of our overall financial position during the second half," said Chief Executive Duncan Tait.
FTSE 250-listed Inchcape shares were trading 2.6% lower in London on Thursday morning at 708.00p each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Inchcape (INCH)