June 29, 2020 / 6:43 AM / 10 days ago

Lookers auditor identifies 19 mln pounds to correct profit overstatements

(Reuters) - Car dealership network Lookers (LOOK.L) said on Monday a draft report by the company’s auditor had identified 19 million pounds ($23.5 million) of non-cash adjustments necessary to correct overstatements in profitability over several years.

The report by Grant Thornton also highlighted several areas where some financial controls and behavioural aspects require strengthening, the company said.

($1 = 0.8078 pounds)

Reporting by Tanishaa Nadkar in Bengaluru; Editing by Sriraj Kalluvila

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