Motus expects results to take Covid-19 hit from April
The group said trading held up well in its nine months to end-March, with trading profit steady year on year
Automotive group Motus, which imports and sells cars, said on Thursday that trading had held up well in its nine months to end-March, with the group only expecting the full effects of the Covid-19 pandemic to be reflected in its results from April.
The group, which is a distributor and retailer of accessories and aftermarket parts for out-of-warranty vehicles, said trading profit had remained stable when compared to the prior nine-month period.
Operating expenses continue to be well contained, the group said.
Motus was unbundled from Imperial Holdings and listed on the JSE in November 2018. The group said it is seeking to save cash, including cutting the pay of its CEO and board by 20% for six months, and it will not be undertaking new acquisitions.
In afternoon trade, the group’s share price was up 2.70% to R29.81, putting it on track to snap a five-session losing streak. The Motus share price has fallen 63.51% so far in 2020.
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