Lookers to delay 2020 results as auditors need more time

Lookers Preston

North West car dealership group Lookers said there is a ‘short delay’ in releasing its financial results for the year to the end of December 2020.

The group said “procedures in relation to its 2020 Annual Report & Accounts are almost complete,” however the board and its new auditors, BDO, require “slightly more time” to conclude the audit process.

The much-anticipated and already heavily delayed results were due to be released tomorrow (June 29) at 7am.

Lookers says it’s still hopeful of releasing its accounts by June 30 – a deadline set by the FCA.

The stock market update said: “The Board’s view is that this timetable is still achievable, but some timing risk still exists in the completion of audit processes.”

In the meantime the group has reported  “strong momentum” in trading and a significant upgrade to its full year 2021 expectations.

Last month, Lookers reported strong trading for the four-month period to 30 April 2021. It said this has continued into May and June where it has seen “robust consumer demand and ongoing outperformance of the UK retail new car market.”

Given the strength of performance during the first half of 2021, the Board expects the full year performance to 31 December 2021 to be “significantly ahead of current expectations.”.

CEO Mark Raban said: “Performance in the first six months of the year has been exceptionally strong underpinned by our relentless focus on operational excellence, strong consumer demand, significant market outperformance and a much improved omni-channel customer experience.

“I would like to thank the fantastic Lookers team for their considerable efforts and commitment in delivering these results.”