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Inchcape has continued its plan to move away from car retail with the £70 million sale of its Toyota and Audi dealerships in St. Petersburg, Russia.
Now the group has revealed plans to further the strategy in its overseas markets with the disposal of its St. Petersburg Toyota and Audi franchised operations to “local market operator” KlyuchAvto.
In a statement issued today, the PLC said: “The transaction is conditional upon final OEM partner and regulatory approvals and is expected to complete in the second-quarter.
“In 2020, the disposed operations generated revenue of c£200m and profit before tax (pre-exceptionals) of £12m. Gross assets at the end of 2020 were £77m.
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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.