Lookers PLC UPDATE ON 2019 ACCOUNTS (6394W)
August 20 2020 - 1:00AM
UK Regulatory
TIDMLOOK
RNS Number : 6394W
Lookers PLC
20 August 2020
20 August 2020
Lookers plc ("the Company" or "the Group")
UPDATE ON 2019 ACCOUNTS
The Board has concluded that publication of the Group's 2019
financial statements is no longer possible by the end of August
2020, as was previously anticipated.
Following review of the final report from Grant Thornton LLP on
3 August 2020, the Board and its auditors, Deloitte LLP, extended
the scope of the 2019 audit at consolidated Group and individual
entity level.
The extended scope of the audit has identified further work on
the Group's corporate leasing division and vehicle financing
arrangements and the 2018 and earlier balance sheets to ensure
correct identification and allocation of adjustments. Further work
is ongoing to finalise the 2019 accounts.
The Board is working with Deloitte LLP and its external
accounting advisors to assess the impact of these matters on the
Group's 2019 financial statements including restatement of prior
year accounts.
The Board remains committed to ensuring the issues identified in
the report are fully considered and addressed and continues to work
with the auditors to progress the finalisation of the 2019 audit as
quickly as possible.
The Board continues to believe that the likely magnitude of the
potential restatements referred to above will not prevent 2019 from
remaining profitable at the underlying profit before tax level.
The Company remains in close dialogue with its banking
partners.
This announcement contains inside information for the purposes
of article 7 of the Market Abuse Regulation (EU) No 596/2014
For further information:
Mark Raban, Chief Executive Officer Tel: 0161 291 0043
MHP Communications
Tim Rowntree, Simon Hockridge Tel: 07709 496 125 / 07551
170 451
Email: Lookers@mhpc.com
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contact rns@lseg.com or visit www.rns.com.
END
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