Wednesday, June 03, 2009
Lookers agrees £210m of new financing
Lookers, one of the UK's largest dealership group's, has secured its immediate future, with agreement with its existing banking syndicate on £210 million of new funding to April 2012.
The announcement came a month after the company announced pre-tax losses of £14.9 million for the 12 months ending December 31, 2008, compared with a pre-tax profit of £23m in 2007. Turnover increased by 5.7 per cent to £1.78 billion last year (2007: £1.68bn).
The company says it wants to reduce debt in the near term and is therefore not paying a final dividend. The total dividend for the year is 1.60p, which was the interim dividend paid in November last year. As part of the new banking facilities, it has also been agreed that Lookers will pay no dividends before June 30, 2010.
DATED: 03.06.09
FEED: AW
