Record profits at Lookers
CAR sales and parts distribution company Lookers hit top gear in the first six months of the year as profits hit a record £28.8m, up nearly 20% on the previous year.
In the six months to the end of June, Lookers’ turnover increased by 20.3% to £1.24bn as it comprehensievely out-performed the UK new car sales market – its sales are up 20% versus a 10% hike nationally.
Chief executive Peter Jones is the former chief executive of Yorkshire-based motor group CD Bramall, who’s founder Tony Bramall, is a major shareholder in Lookers. Former managing partner of BDO in Yorkshire, Bill Holmes, was appointed as a non-executive director in 2008.
Debt was reduced and the group also improved the performance of its independent parts distribution division, which is ran out of Sheffield.
The only negative for the group was an announcement that chief executive Peter Jones is to retire at the end of the year, after four years in the driving seat at the business.
Chairman Phil White described him as a “top class leader” and “an outstanding chief executive”. Mr Jones will be succeed from next January by the group’s chief operating officer Andy Bruce.
To further strengthen the senior team Nigel McMinn, an experienced motor retail executive with senior roles Benfield Motors, Reg Vardy and Pendragon under his belt, has been appointed as managing director of the motor division.
Assessing the results Mr White described the performance as “excellent” and said the board is confident of a strong full-year performance.
performance for the full year.
He said: “As the results for the first half of the year demonstrate, we have now had four and a half years of improving financial performance, which highlights the ability of the group to perform well in challenging markets>
“The broad base of our franchise representation, the aftersales bias to the business and the recovery in the UK new car market provide opportunities for additional growth and we are confident that the group should make further progress this year.”
With debt falling to £39.1m and unused banking facilities of nearly £60m, the group said it had good capacity to make selective acquisitions for the parts and motors division.
