Car dealer Lookers predicts small profit after 2020 turbulence
Car dealership Lookers this morning said that it was expecting a full year profit of £10m for 2020, beating analyst expectations of a small loss.
Shares in the firm rose 5.4 per cent as markets opened this morning.
In an update, the FTSE 250 firm said it was still working on its full accounts for the last financial year.
It added that it would issue a trading statement for the first three months of the year in April.
Lookers’ stock was only recently readmitted to the FTSE at the end of January after being suspended last year due to a myriad of problems.
These stemmed from the discovery of a £19m hole in a past set of accounts, which led to the Financial Conduct Authority (FCA) launching a probe into the firm.
The investigation has now been closed, but Lookers has subsequently switched auditor from Deloitte to BDO.
The latter firm is in the process of auditing the dealer’s 2020 statements.