LONDON (dpa-AFX) - Inchcape Plc (INCH.L), a multi-brand automotive distributor and retailer, said Thursday in a trading update that for the four-month period from January 1 to April 30, 2020, Group revenue declined 32 percent on a reported basis to 2.1 billion pounds.
Group revenue for the period also decreased 30 percent in constant currency and was down 25 percent on a like-for-like or LFL basis.
The company said it has taken prompt action to optimise cash flow and reduce costs due to the COVID-19 pandemic. The company's board and senior management will take a 20 percent reduction in fees and salary during the second quarter.
The company has suspended its share buyback programme from March 20 and cancelled its final dividend on April 7.
Further, Inchcape has strengthened its liquidity headroom with confirmation of eligibility to the UK Government's Covid Corporate Financing Facility scheme or CCFF scheme.
Looking ahead, Inchcape said it is still too early to provide a forward-looking view of the company's performance in 2020.
The company noted that Duncan Tait will join the Board as Group CEO (Designate) on June 1, assuming his full role on July 1.
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