November 1, 2019 / 7:30 AM / 13 days ago

Auto dealership Lookers expects annual profit to slump

Nov 1 (Reuters) - British car dealership Lookers said on Friday it expects annual underlying profit to fall by more than two-thirds as the UK car market struggles with dwindling consumer confidence and margin pressures.

The company, which warned in July that profit would be below market expectations, said challenges have been worse than expected since mid-September.

It now expects underlying profit before tax for the full year to be 20 million pounds.

Lookers, which sells vehicles for multiple automakers including Volkswagen, Ford and Germany’s BMW , reported adjusted pre-tax profit of 67.3 million pounds in 2018.

Reporting by Yadarisa Shabong in Bengaluru; Editing by Arun Koyyur

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