Andy Bruce Lookers Chief Executive unveils an “outstanding set of results for the first 6 months of this year" and credits this success to the “strength of the team".
Motoring giant, Lookers plc has again announced record breaking results with revenue up 9% on 2014 to £1.75 billion and profit before tax increasing by 6% to £39.9 million. Net debt fell from £51.9m in January, to £38.2m, and the interim dividend has risen 10% to 1.07p per share.
Chief executive Andy Bruce said: “We have delivered a strong trading performance in the first half of the year which is another record result and the seventh successive year of improved profitability.
“Both the motor and parts divisions have produced excellent results with improved cash flow for the period, further strengthening our balance sheet.
“We are well placed to take advantage of growth prospects across all areas of the business as well as consolidation opportunities in the sector. This gives us confidence that we can continue to grow and deliver improved results for the full year."
Adjusted profit before tax
Profit before tax
Nigel McMinn Lookers managing director, reported growth in all departments and highlighted that the UK new car market grew by 7% in first half of the year with sales a little stronger in the used sector. “And we will continue to take our share – or make share gains – and as such have allowed for a modest upgrade in the full year on the back of half-year results a little stronger than the City anticipated."
Emphasising the importance of Digital within the Groups future, Nigel also commented: “Customers search online for their next car and they'll start with the manufacturer before choosing the dealer. Our focus is on making sure we maximise the SEO and Google paid search opportunities, so we're easy to find and making sure we have very aggressive offers, mostly based on PCPs."
Looking forward, chairman Phil White remarked: “We have a healthy order book for the delivery of new cars in the important month of September and the UK new car market is expected to show modest growth during the rest of this year."
Panmure Gordon analyst Kevin Fogarty said the broker maintained its 'buy' call on Lookers' shares after today's results.