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Lookers swings to H1 loss as revenue slumps; appoints new COO
StockMarketWire.com
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Motor retail and aftersales service group Lookers swung to a first-half loss as revenue slumped following the impact of the national lockdown in November.
The company also said it had appointed Duncan McPhee as chief operating officer. Most recently, McPhee had been chief retail operations officer with responsibility for the dealership portfolio and OEM relationships.
For the six months ended 30 June 2020, the company reported pre-tax losses of £50 million compared with a profit of £19.6 million year-on-year as revenue fell 40% to £1.6 million year-on-year.
The results also included one-off cash restructuring costs of £4.2 million.
The restructuring plan to strengthen the group's operating model included a further 12 site closures before the end of 2020 following 15 closures in 2019, and a total of about 1,500 redundancies.
The full benefit of these changes would be seen in 2021.
'In light of the evolving COVID-19 situation and latest lockdown restrictions impacting much of the group's portfolio, the Board remains cautious about the outlook for 2021,' the company said.
Story provided by StockMarketWire.com
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