Lookers racing to record half years

LOOKERS, the North West car sales and parts supplier, is continuing its strong performance and expects to report record half year figures next month.

The Manchester company said trading across the entire business is ahead of budget and it would produce results for the six months to June 30 “exceeding of management expectations”.

Lookers said all divisions are currently performing ahead of plan, with the independent parts division continuing to deliver record results.

“Our independent parts distribution business remains a key differentiator for Lookers
in the retail motor sector.

“It provides a counter cyclical hedge against economic challenges to the motor division, operates in the growing four year plus aftersales sector, and, given its significant contribution to overall results, we believe gives us a unique position of strength in the sector, ” Lookers said.

The group said the general retail outlook remains challenging, with consumer confidence ‘fragile’. 

“The new and used car retail markets are likely to continue to be affected whilst
consumer confidence remains fragile, although the aftersales bias to our motor
division helps to reduce this effect,” Lookers’ trading statement said.

Chief executive Peter Jones said: “We believe the Group will deliver record results for the first half of the year, giving us confidence that we can continue to grow the business and deliver successful results for the full year, despite the economic challenges facing the UK retail sector

“The factors that created exceptional charges in 2009 are now behind us, ensuring that trading profits and cash flow are not eroded and further strengthening our balance sheet, thereby providing the flexibility to take advantage of growth
opportunities where they occur.”