TROUBLED motor group Lookers, which owns Belfast dealership Charles Hurst, has further delayed the publication of its annual results as a probe continues into potential fraud in its accounts.
In a statement to the stock market, the Manchester-based firm said it has widened an investigation by Grant Thornton into its past accounts to include the corporate leasing division, and it was "no longer possible" to publish its 2019 results by the end of August.
It's the fourth time Lookers has pushed back releasing the figures since it claimed to have found “potentially fraudulent transactions” in March.
But it says it still believes that, despite the issues, its last trading year will be profitable.
In a statement it said: “The board continues to believe that the likely magnitude of the potential restatements referred to above will not prevent 2019 from remaining profitable at the underlying profit before tax level.”
However, it has been a torrid period for the motor trade, and in June Lookers said it was to axe 12 dealerships and 1,500 jobs as it sought to reduce costs by £50m a year, and it was believed to be in talks with a consortium of four banks to secure its future.
As part of that cull, some 150 jobs were to go in Belfast, most from its 20-acre Boucher Road complex, the largest automotive park in Europe and which has 1,100 employees.
Chief executive Mark Raban said yesterday: "This has been a challenging period for Lookers, but it's encouraging that we are beginning to see some healthy signs of recovery in vehicle sales since the easing of lockdown."
