Motor Trader The award-winning and longest running UK magazine for car retailing professionals. Your first stop for News, Jobs and Reports for the motor industry.
Lookers has recorded record first half year interim results, with the dealer group seeing operating profit up 40 per cent from £18.8m to £25m.
The publicly listed company’s results are in stark contrast to Pendragon, the country’s biggest dealer group which recently recorded an £18m slump in half-year pre-tax profits, with new car sales for the period up 6 per cent.
“I am delighted to report that Lookers has continued to outperform the market and achieved record results for the period, in line with expectations,” said Ken Surgenor, chief executive.
“This excellent performance is testament to the success of our proven strategy. We remain dedicated to the further development of our complementary businesses through both organic growth and acquisitions.
We remain dedicated to further development through both organic growth and acquisitions
“Moreover we have one of the broadest revenue streams in the industry,” he said.
Lookers’, number five in the Motor Trader Top 200, pre-tax profits rose 41 per cent from £12.8m to £18.1m. Turnover for the period rose 21 per cent from £726.6m to £878.9m.
Surgenor said the results reflected organic growth and acquisitions across its three main areas of business – franchised dealerships, car supermarkets and parts distribution.