|Bid||0.3150 x 500000|
|Ask||0.3560 x 500000|
|Day's Range||0.2805 - 0.2805|
|52 Week Range||0.0928 - 0.9780|
|Beta (5Y Monthly)||1.57|
|PE Ratio (TTM)||1.72|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Oct. 17, 2019|
|1y Target Est||N/A|
We think intelligent long term investing is the way to go. But unfortunately, some companies simply don't succeed. For...
In November, Lookers' chief executive and operating chief departed after it sounded a second profit warning in just a span of a few months as the British car market struggled with dwindling consumer demand and margin pressures. Retail veteran Raban joined the London-listed company in July as its chief financial offer from previous stints at Marshall Motor Holdings Plc <MMHM.L> and Inchcape Plc's <INCH.L> retail business. Wade, on the other hand, has been with the Lookers for about four years and was the company's franchise director at its Audi division.
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The FTSE 100 <.FTSE> was 0.3% higher by 0855 GMT, recouping some of the more than 1% drop in the previous session, and the FTSE 250 <.FTMC> added 0.4%. Sentiment was also lifted by comments from U.S. President Donald Trump that the United States and China would soon announce a new site where he and Chinese President Xi Jinping will sign a "Phase One" trade agreement. The report partly led to the FTSE 100 index, whose components have a greater international presence, to record a monthly loss for October.
The London-listed firm which sells new and used vehicles made by multiple manufacturers, expects annual underlying profit to fall by more than two-thirds as the UK car market struggles with dwindling consumer confidence and margin pressures. As much as £60 million was wiped from Lookers' stock market value, which fell to £136 million as its shares tumbled. Lookers, which operates Taggarts and Charles Hurst dealerships, said Chief Executive Andy Bruce and Chief Operating Officer Nigel McMinn will leave the company and Chairman Phil White will step in as executive chairman.
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The company said it would make a one-time cash investment of about 10 million pounds 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 company had said last year that it found "some control issues" in its sales practices during an independent review of its internal control and audit processes, details of which it then shared with the Financial Conduct Authority (FCA).
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The British car industry has been hit by lower vehicle sales amid uncertainty caused by stricter emissions regulations, Britain's impending exit from the European Union and a shift towards sales of electric or hybrid cars. "The more recent challenging conditions are likely to continue into H2, exacerbated by continued weakness in consumer confidence in light of wider political and economic uncertainty, and further pressure on used car margins," Lookers said. Shares in Lookers, which disclosed a regulatory probe and the exit of its finance chief in recent weeks, fell about 30% to more than a decade low and are on course to lose more than half of their value this year.
Gregson's departure comes just over a week after the company disclosed an investigation by Britain's financial watchdog related to its sales processes over the last three years. The Financial Conduct Authority has been probing lending practices in the fast-growing car financing sector since 2017 and had said in March that some motor dealers were overcharging customers in interest charges to obtain bigger commission payouts. Lookers said Raban, who has nearly 30 years of multi-channel retail experience and was previously finance director of rival Inchcape Plc's <INCH.L> retail business, will join the firm on July 15.
The Financial Conduct Authority (FCA) had been looking into lending practices in the fast-growing car financing sector since 2017 and said in March that some motor dealers were overcharging customers in interest charges in order to obtain bigger commission payouts for themselves. The company said last year that it had found "some control issues" in its sales practices during an independent review of its internal control and audit processes launched in December, details of which it then shared with the FCA. The FCA investigation will examine the company's sales processes between January 2016 and June 2019, Lookers said on Tuesday.
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