Inchcape Retail suffered a near tenfold year-on-year decline in profitability as it revealed a £76.4m pre-tax loss in annual financial results for its COVID-19 impacted 2020 trading period.
Click the thumbs up >The Vertu Motors board has said that the AM100 car retail group is positioned to realise âambitious growth aspirationsâ after crediting a huge Vertu team effort for a creditable 2020 trading performance.
In a trading update published by the PLC this morning (March 1) chief executive, Robert Forrester, revealed that the board expects its trading result for the year ended February 28, 2021, at an adjusted profit before tax level, to be âin-line with current analysts forecasts of around £23mâ.
And the group, which operates Bristol Street Motors, Macklin Motors, Vertu Motors and Farnell retail divisions, also saw revenues rise by 4.1% during the period thanks, in part, to the addition of 29 new franchised outlets.
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Inchcape has confirmed that its London Stock Exchange listing has been reclassified to remove reference to retail as it disposed of 13 UK dealership locations as part of a renewed focus on distribution in 2020.
In annual financial results published this morning (February 25) the AM100 PLC reported that overall group revenues had fallen 25%, from £9.38 billion to £6.34bn, in a COVID-19 impacted year, as pre-tax profits slumped 131.8% to a statutory loss of £128m (2019: £402m profit).
But the business, which claimed government support totalling £30m as a credit against employee costs and £3m as a credit against other operating expenses, along with £7m in deferred tax, was able to improve its cash position and propose a dividend payment as it focussed on a distribution-focussed strategy offering âattractive growth prospectsâ.