April 24, 2020 / 6:25 AM / a month ago

BRIEF-Lookers To Investigate All Operating Divisions; Takes 4 Mln STG Charge

April 24 (Reuters) - Lookers PLC:

* LOOKERS PLC - TRADING AND OPERATIONAL UPDATE

* LOOKERS PLC - IN TWO-MONTH PERIOD ENDED 29 FEBRUARY 2020 PRIOR TO IMPACT OF COVID-19, GROUP RECORDED A LIKE-FOR-LIKE DECLINE IN NEW VEHICLE UNIT SALES

* LOOKERS PLC - FURLOUGHED APPROXIMATELY 7,000 COLLEAGUES

* LOOKERS PLC - AS REPORTED IN GROUP’S YEAR END TRADING UPDATE BOARD EXPECTS TO REPORT NET DEBT AT 31 DECEMBER 2019 OF APPROX. £62.0M (2018: £86.9M)

* LOOKERS PLC - NET DEBT ON A CLEARED FUNDS BASIS AS AT DATE OF THIS ANNOUNCEMENT IS APPROXIMATELY £65M

* LOOKERS PLC - GROUP’S £250M REVOLVING CREDIT FACILITY WITH FIVE BANKS EXPIRES IN MARCH 2022

* LOOKERS PLC - BOARD CURRENTLY ANTICIPATES THAT GROUP WILL STILL BE PROFITABLE FOR FY 2019 ON AN UNDERLYING PBT BASIS

* LOOKERS PLC - NET DEBT AT 31 DECEMBER 2019 IS NOT ANTICIPATED TO BE IMPACTED BY ANY OF INVESTIGATIONS FINDING TO DATE

* LOOKERS - INITIAL INDICATIONS HAVE IDENTIFIED SOME OPERATING DIVISIONS WHERE CERTAIN NON-CASH BALANCE SHEET ACCOUNTS HAVE NOT BEEN FULLY RECONCILED

* LOOKERS PLC - CONTINUES TO BELIEVE THAT IT IS TOO EARLY TO MAKE ANY REASONABLE ESTIMATE OF FINANCIAL IMPACT ON GROUP DURING 2020 AND BEYOND

* LOOKERS-INITIAL PHASE OF INVESTIGATION FOUND CERTAIN MISREPRESENTED DEBTOR BALANCES FOR BONUS RECEIVABLES AND NUMBER OF FRAUDULENT EXPENSES CLAIMS

* LOOKERS PLC - ITEMS ARE EXPECTED TO GIVE RISE TO A ONE-OFF, NON-CASH CHARGE, IN 2019 FINANCIAL STATEMENTS OF CIRCA £4M Source text for Eikon: Further company coverage:

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