Lookers car sales increase
Lookers car sales increase but profit takes a dip
Lookers PLC announced creditable results for the first half of 2008.
The dealer group, subject to a failed bid by Pendragon PLC last year outperformed many of it's competitors from a financial point of view.
Turnover was up to £1.039 billion from £878.9 million, a gain of 18.2% reflecting the acquisitions of some Dixon Motor Holdings outlets and the Dutton Forshaw group from Lloyds TSB.
Operating profit was down from £25 million to £23.7 million, and interest payments were up to £11 million from £4.2 million.
All in all a pretty robust result considering current market conditions.
Commenting on the results, Ken Surgenor, Chief Executive said:
"The more turbulent macroeconomic environment has resulted in challenging trading conditions across the UK new and used car markets particularly in May and June and this has impacted the performance of our new and used car businesses."
"However, I am pleased to announce that against this tougher backdrop the Group has delivered a solid performance for the period. Our diversified business model gives us the flexibility to adapt to the current uncertainties within the UK and global economies and our used car supermarkets and independent parts businesses are showing significant year on year progress."