Lookers the car dealership shares crashed on Friday after the company issued a profit warning.
In the first half, underlying pre-tax profits will now be £32m, compared to £43m for the same period in 2018.
Weaker demand in the used car market has affected sales and trading in the three months to 30 June was “increasingly more challenging” against the backdrop of the new car market declining sales.
The company said, “Notwithstanding these short-term challenges, the board continues to believe that over the long term the group is extremely well positioned to take advantage of the many opportunities ahead as the sector continues to develop, underpinned by the group’s strong balance sheet and cash generation.”
On Friday morning shares in Lookers were down by almost 25%.