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Trading at Lookers in the third quarter remained strong, the company said today.
The firm said its independent parts division, which makes a significant contribution to group earnings, had delivered further improvements in profitability and continued to trade ahead of management expectations and last year.
The motor division has also continued to deliver trading results ahead of budget and the last year and has benefited from new vehicle volume sales growth in excess of the 7.8 per cent increase in the UK new car market.
Lookers continues to change the shape of its business, recently closing or selling five underperforming businesses to generate cash which it will invest in new businesses.
It said used car volumes rose 8 per cent in quarter three, compared to last year and aftersales revenue in the motor division rose 2 per cent.
Lookers chief executive Peter Jones (pictured) said: “We are pleased with the strong trading performance in the third quarter, which follows the excellent result for the first half of the year.
“Whilst market conditions remain challenging, the strong performance from both the parts and motor divisions, combined with our reduced cost base and strengthened balance sheet, give us confidence that we will continue to trade successfully for the rest of the year and be able to take advantage of growth opportunities which may arise in 2011 and beyond.”