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20 Mar 2020 07:00
20 March 2020
This announcement contains inside information
Inchcape plc
Update on share buyback programme
The Board has been closely monitoring and assessing the rapidly evolving COVID-19 situation.
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. As reported at FY19 results in February, Inchcape plc has a strong balance sheet and remains committed to its disciplined capital allocation policy, but the Board believes this is the right decision at this time. To date Inchcape has spent c.£25m on the purchase of shares in this programme.
On 27 February 2020 Inchcape published its views on a 2020 outlook. Whilst trading since then has been broadly in-line with expectations, given the rapidly evolving global situation the Board has decided to put on hold any forward guidance until such time that both the severity and duration of the Covid-19 impact on supply and demand becomes clearer. We will update the market as and when appropriate.
Inchcape plc will publish its trading update on 21 May 2020.
Inchcape will today serve notice to its brokers to terminate the buyback effective at the end of the day on 24 March 2020, until which point the executing broker may continue to make purchases on a non-discretionary basis.
Ends
Investor Relations, Inchcape plc+44 (0) 20 7546 0022
Instinctif (Mark Garraway)
+44 (0) 20 7457 2020
About Inchcape
Inchcape plc is the leading independent multi-brand Automotive Distributor and Retailer, operating in 33 markets with a portfolio of over 40 of the world's leading car brands. Inchcape has diversified multi-channel revenue streams including sale of new and used vehicles, parts, service, finance and insurance. The Company has been listed on the London Stock Exchange since 1958, is headquartered in London and employs around 18,700 people. www.inchcape.com
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