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Inchcape swings to loss as revenue slumps 36% on virus impact

By BFN News | 08:34 AM | Thursday 30 July, 2020

Automotive company Inchcape swung to a loss in the first half of the year as revenue declined by more than third on pandemic-led disruptions to its operations. The company reported a pre-tax loss of £188m, compared with a profit of £154m on-year as revenue slipped 36% to £3bn. The loss was driven by 198m of exceptional charges - largely impairments of retail goodwill and sites globally amid the impact of the pandemic. 'Unsurprisingly, the effect of Covid-19 has materially impacted the group's performance in the first half, with either partial or complete shutdowns affecting a substantial proportion of our operations,' the company said. 'While the majority of our markets have now reopened, given the lack of visibility of underlying demand, coupled with the ongoing uncertainty regarding a potential second wave of the virus, it is still too early to provide a forward-looking view of the group's performance,' it added. At 8:34am: (LON:INCH) Inchcape PLC share price was -18.3p at 465.7p Story provided by

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