- Automotive distributor and retailer Inchcape reported that sales fell by nearly a third in the first four months of the year after performance took a deep dive in April as its operations were shuttered by the Covid-19 pandemic.

The company also warned the virus impact would continue through to 2021.

'It is clear that the impact on global economies will continue to be felt for the rest of the year and into 2021, and Inchcape will be adjusting its cost-base accordingly,' the company said.

From 1 January to 30 April 2020, revenue fell 32% to £2.1bn, led by a 76% slump in like-for-like revenue in April.

In March, its operations in a number of markets started to close and operations that had remained open operated at a much-reduced level - roughly half of prior year- in April.

The impact of closures on profitability would be pronounced, and result in a drop-through to operating profit of approximately 10% of lost revenues, the company said.

At 9:37am: [LON:INCH] Inchcape PLC share price was -19.9p at 475.7p

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