Lookers’ Shares ‘Surge’ at £10m Profit Prediction


We can’t keep Lookers out the headlines and this time its because shares in the group surged late last week when the dealership chain said it expects to post a small profit for 2020, after much speculation about losses.

Now, an underlying pre-tax profit of about £10m is expected, more than doubling its 2019 profit.

As you will know, Lookers’ shares were suspended from trading last summer, but the Financial Conduct Authority closed its probe into the company earlier this month and did not fine Lookers. So late last week, the good news about the predicted profits sae a huge 9.4% rise in its share value.

The company still expects to post a net debt of around £45m for 2020, down from £59.5m in 2019.