|Bid||0.5820 x 500000|
|Ask||0.6100 x 500000|
|Day's Range||0.5810 - 0.5810|
|52 Week Range||0.3860 - 1.2320|
|Beta (3Y Monthly)||0.34|
|PE Ratio (TTM)||3.56|
|Forward Dividend & Yield||0.05 (8.12%)|
|1y Target Est||N/A|
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).
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.