22 April 2021 | 08:47am
StockMarketWire.com - Inchape said it had sold its Toyota and Audi retail operations in St. Petersburg for an enterprise value of £70 million as automotive company looked to streamline its retail operations in Russia.
The transaction is conditional upon final OEM partner and regulatory approvals, and is expected to complete in the second-quarter. The proceeds from the disposal will be deployed consistent with the group s strategy to grow the core distribution business, the company said.
At 8:47am: [LON:INCH] Inchcape PLC share price was 0p at 617.5p
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25 February 2021 | 09:46am
StockMarketWire.com - 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.
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