|Bid||N/A x N/A|
|Ask||N/A x N/A|
|Day's Range||0.7350 - 0.7350|
|52 Week Range||0.6100 - 1.2638|
|Beta (3Y Monthly)||0.37|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||0.05 (7.08%)|
|1y Target Est||N/A|
Lookers, Britain’s largest motor dealership, said it expects profits to more than halve this year and announced the departure of its chief executive as the group comes under increasing pressure from the weak car market. Lookers on Friday said it expects to report underlying profit before tax for the full year of approximately £20m, down from £63.7m in 2018 and significantly below analysts’ expectations.
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Car dealership Lookers Plc on Wednesday posted a steep drop in first-half profit and said it sees higher costs over the next several years, as it carves out a plan to fix some issues it found in its sales practices. The company said it would make a one-time cash investment of about 10 million pounds ($12.06 million) over 2019 and 2020, with annual costs rising thereafter. Lookers said costs would rise by about 3 million pounds per year from 2020 for a plan that will include a review of its past business, establish a revised sales process and put in place new quality checks.
The chain, which sells vehicles for 32 manufacturers including all major brands such as Volkswagen, Ford and BMW, said political uncertainty around Britain's impending exit from the European Union had weighed on demand for new cars. To counter the weakness, Lookers has been focusing on selling used cars, a market that has remained buoyant. The company, which is among the top three motor vehicle retailers in the UK, said it booked some costs related to closures and reorganisation following changes to its dealership portfolio.