Turnover milestone for Lookers

LOOKERS, the car sales and parts distribution group with operations in Yorkshire, saw turnover pass £2bn for the first time in its history last year.

The Manchester-based group said its profits had been driven to a record £36.8m by its motor division which had its best-ever year.

Boosted by the £18m acqusitions of Lomond Audi and Fleet FInancial group turnover rose 8.3% to £2.06bn.

Chief executive Peter Jones hailed “another strong trading performance”, whcih he said was Lookers’ fourth successive year of increased profits.
He said the results in the motor division had been excellent and “resilient” in the Yorkshire-based parts division in a tough market.

Looking forward he said: “These results give us further confidence that we can continue to grow the business in 2013, despite the fact that short term market conditions remain challenging. As economic conditions improve over the medium term, Lookers is well placed to take advantage of future growth in the new and used car markets and increased demand for aftersales and parts.”

Chairman Phil White said 2013 had started well for Lookers, which he said over the last few years had proved its ability to “perform well in a challenging market”.

He added: “The new financial year has started well with the group making further progress with results so far being ahead of both budget and the prior year.”