StockMarketWire.com - Car retailer Lookers said a draft report by Grant Thornton had identified £19m of non-cash adjustments needed to correct overstatements in profitability over several years.

The company reiterated that about £4m relate to misrepresented and overstated debtor balances, with a number of fraudulent expense claims.

The remaining £15m related to incorrect or inconsistent application of policies, processes and accounting standards.

'The draft report also highlighted several areas where certain financial controls and some behavioural and cultural aspects require strengthening,' Lookers said.

On the plus side, the company said it believed that 2019 would remain profitable at the underlying pre-tax profit level.


At 1:30pm: [LON:LOOK] Lookers PLC share price was +0.58p at 20.38p



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