Quicks crashes
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.SHARES IN Quicks crashed to a seven-year low yesterday after the car and spare parts group said second-half profits would be lower than in the period last year, and blamed the economic slump in the Midlands, the North-west and Scotland for a fall in car sales in September and October.
Alec Murray, chief executive, said he had no hopes of recovery in traditionally weak November and December, and expected second-half profits to be lower than last year's.
The warning prompted analysts to slash their forecasts for full-year earnings by more than a quarter from pounds 9.5m to pounds 7m, about half of what they had been expecting at the start of the year. The shares ended more than 22 per cent lower at 66.5p - their lowest level since 1992.
Mr Murray said Quicks would close or sell four of its 44 dealerships in an attempt to cut costs and debt.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments