March 10, 2020 / 6:11 PM / a month ago

UPDATE 1-Lookers finds potentially fraudulent transactions, postpones results

(Adds company comment, background and shares)

By Samantha Machado

March 10 (Reuters) - British car dealership Lookers said on Tuesday it had identified potentially fraudulent transactions in one of its operating divisions and postponed its annual results until the second half of April.

The 110-year-old company, which represents 31 vehicle brands including BMW and Ferrari in the UK and Ireland, said it had appointed an external adviser to investigate the matter.

A spokesman for Lookers said, the Financial Conduct Authority has been informed and the police were involved.

The postponement of results, which were due on Wednesday, comes a month after the company appointed a new chief executive officer following a second profit warning and the subsequent departures of its top boss and chief operating officer late last year.

Lookers, which sells new and used vehicles made by multiple manufacturers, has been hit by dwindling consumer confidence and margin pressures in the British car market that sent its shares down 14% in 2019 and over 30% already this year. (Reporting by Indranil Sarkar in Bengaluru; Editing by Shinjini Ganguli)

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