(Sharecast News) - Car dealership Inchcape said on Friday that it was suspending its share buyback programme due to the Covid-19 pandemic.
"Given the ongoing uncertainty around the pandemic, the board is taking the prudent decision to temporarily suspend the ?150m share buyback programme that was launched in February," it said.
The company insisted it has a strong balance sheet and remains committed to its disciplined capital allocation policy, but said it was "the right decision at this time". To date, it has spent around ?25m buying shares in the programme.
Inchcape said trading since its update in February has been broadly in-line with expectations. However, given the rapidly-evolving global situation, it will refrain from giving any forward guidance until it has a better idea of the duration and severity of the pandemic and the impact on supply and demand.
"We will update the market as and when appropriate," it said.
Inchcape (INCH)2 May 2024 16:07
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