Lookers Delay Annual Financial Results Due to Fraud Investigation
The publication of Lookers’ 2019 annual financial results have been delayed due to potentially fraudulent transactions in one of its operating divisions.
The discovery had been made while in the final stages of preparing its results for the financial year ended December 31, 2019.
The group said: “As a result the board has decided to postpone the announcement of its results until the second half of April. Whilst the initial findings are not material in the context of the group, the board is appointing an external adviser to lead a full investigation into the matter.”
The group vowed to invest £10 million over next two years in a bid to deliver a “gold-plated” sales process ahead of the launch of an official investigation of the business by the Financial Conduct Authority (FCA) last year.
A statement included within the H1, 2019, financial results said: “The board takes this matter very seriously and continues to co-operate and co-ordinate fully with the FCA.
“When these improvements are fully deployed across the group, our strengthened infrastructure and enhanced customer experience will create a robust and industry leading platform that will facilitate further growth. We will provide further updates as appropriate.”
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