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Automotive distributor and retailer Inchcape swung to a loss as revenue fell by more than third amid lockdown restrictions that dented demand. The company did resumed its dividend at lower rate, citing a strength in its finances.
For the year ended 31 December 2020, pre-tax losses were £128 million from a profit of £402 million last year as revenue fell 27% to £6.84 billion.
'We made an encouraging start to the year, but in Q2 our operations were materially impacted by COVID-19, the company said.
But it saw an improving trend across our new, used and aftersales revenue streams in H2.
Dividend payments were reinstated, declaring a dividend of 6.9p for the year, down 22% on last year.
The company said its significant cost-restructuring programme was largely complete.
At 9:46am: (LON:INCH) Inchcape PLC share price was 0p at 617.5p