Inchcape is driving forward plans for a restructure to be completed by Q1 next year after reporting a 36% decline in overall revenues and pre-tax losses of £188 million in the first half of 2020.
The global car retail and distribution business’ revenues declined to £3.02 billion (H1 2019: £4.73bn) during the COVID-19 coronavirus impacted period to June 30, 2020, with its UK and European retail divisions suffering a 37% decline in revenues, to £1.28bn, and a pre-tax loss of loss of £18 million.
Duncan Tait, the car retail and distribution business’ new chief executive, said that the group’s pre-COVID plans remained its key priority with a “particular focus on making our organisation leaner”.
The AM100 PLC’s’s pre-exceptional PBT fell 94.2% during the period to June 30, to £9m (2019: £156m) with a reported loss before tax of £188m, reflecting £198m of exceptional charges (largely impairments of Retail goodwill and sites globally).
In early June the group was listed as a beneficiary of the Government’s Coronavirus Large Business Interruption Loan Scheme (CLBILS), having borrowed £100m, and its accounts revealed that it had also received £22.7m from the coronavirus job retention scheme (CJRS).
In today’s H1 trading update, it reported a net cash position of £89m (Dec-19: £103m).
A cost restructuring programme targeting more than £90m of annual savings is now “well-underway”, the group said, and is anticipated for completion by Q1 next year.
The programme will include job losses among its retail operations’ sales and support personnel across the globe.
Tait thanked his Inchcape colleagues around the world for their response and spirit during the “unprecedented period” of trading brought about by the COVID-19 coronavirus crisis.
He added: “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 COVID-19 situation remains very dynamic, and it is unclear how the world will change once the virus has been contained.
“Nevertheless, the number one priority for the group is to execute on the plans we have in place for the months ahead, with a particular focus on making our organisation leaner, and to get back to doing what we do, safely.
“I am confident that the strong momentum we were seeing prior to the pandemic will return and that our long-term strategy will continue to create value for all our stakeholders.”
Back in May Inchcape revealed reported that its revenues had dropped 32% in the first four months of 2020 as it battled against the impact of COVID-19.
Among the measures taken at the time was the cancellation of the group’s £70m final dividend payment in April, a reduction in discretionary costs and a 20% cut in Q2 salary for its board and senior managers.
The group had also raised funds through a reduction of its UK retail footprint.
In the last two years Inchcape – which operates over 100 car retail locations across the UK – has sold off its leasing division and more than a dozen UK dealerships. It also exited the automotive market in China.
The group’s 2019 financial results showed revenues of £9.38bn and PBT of £402m in part thanks to gains made by the car retail and vehicle distribution business’s recent disposals and 2018 impairment charges.
How Car Tires Are Manufactured
🚗 Cars are complex machines, each part made in highly specialized and specific ways, car tires included. Here is how car tires are manufactured.
🚕 Car tires are the part of your vehicle that keeps you moving forward. But have you ever wondered about how car tires are manufactured? Read ahead for a quick overview of the process.
❋ Design and Plan 👇
Designing the item you plan to manufacture is the first part of any industrial process. Car tires have been around for a long time now, and the manufacturing process is becoming increasingly digital. The design is usually created through engineering software, and the dimensions and curvature are handled with precision. After that, the tire-making machines receive this digitized format.
❋ Select Materials 👇
Most tires consist largely of rubber, both natural and synthetic. Oils, pigments, antioxidants, and other materials mix with the rubber to create each part of the tire. Tires must be crafted from quality, durable materials, including chemical agents, metallic cables, and fabric reinforcers.
❋ Melt and Mold 👇
Heat and friction work together to produce the final rubber composite that will mold the other parts of the tire. Tires are not one singular piece of rubber—they contain tread rubber, sidewall rubber, fabric-coated plies, and bead wires, among other components. A factory worker or automated apparatus then uses a tire-building machine in the shape of a collapsible drum to glue and set the tires. Finally, the tires cure over time, and subsequent heating and steaming help them fully coalesce
❋ Distribute Widely 👇
Quality control is important with tires—after all, tires must handle transporting drivers for thousands of miles on the road. After rigorous testing, the manufacturer packs the tires and distributes them to various sellers. These include tire stores all across the United States, from Trenton, New Jersey to Anderson, Indiana.
🟥 Knowing how car tires are manufactured can help you better select the parts for your vehicle. Because all cars are different and have specific needs, you should consult with a tire expert before choosing your next set of wheels.
👉↘ Source: Christina Duron is a freelance writer for multiple online publications where she can showcase her affinity for all things digital. She has focused her career around digital marketing and writes to explore topics that spark her interest.
Feast your eyes on the all-new, all-electric GMC Hummer EV
GMC has a new all-electric version of its classic Hummer oversized SUV. This thing is a beast, as you might expect, with an advertised 350-mile range and a 3-second zero to 60 mph time. It’s a bit ridiculous to be honest, which is kind of what the Hummer has always been about so that makes sense.
Alongside a teaser, GMC released a number of press photos of the 1,000 HP bruiser, so take a look below. It definitely looks like a Hummer – which may or may not be your cup of tea.
ALYI Highlights Next Steps
Dallas, TX – October 20, 2020 – OTC PR WIRE – Alternet Systems, Inc. (OTC PINK: ALYI) today announced plans to publish a comprehensive progress update next week targeting a Wednesday, October 28th release date.
Management indicates a number of major endeavors underway in important stages of development to include RevoltTOKEN financing partner’s efforts to finalize ICO details, next steps after finalizing the multiparty milestone agreement announced last week, and a new design path development for the company’s long-term plans for future electric vehicles in Africa.
Management anticipates wrapping up details on the above-mentioned endeavors by next Wednesday and being ready to release a comprehensive update.
For more information and to stay up to date on ALYI’s latest developments, please visit www.alternetsystemsinc.com.
Disclaimer/Safe Harbor: This news release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the Company’s current views with respect to future events that involve risks and uncertainties. Among others, these risks include the expectation that any of the companies mentioned herein will achieve significant sales, the failure to meet schedule or performance requirements of the companies’ contracts, the companies’ liquidity position, the companies’ ability to obtain new contracts, the emergence of competitors with greater financial resources and the impact of competitive pricing. In the light of these uncertainties, the forward-looking events referred to in this release might not occur.
Alternet Systems, Inc. Contact:
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