8:40 am, October 31, 2013
LOOKERS Plc has forecasted better-than-expected 2013 profits, following the recent boom in UK car sales.
This week, the firm that owns the Lookers, Taggarts and Charles Hurst brands, said retail new car sales increased by 19 per cent in the last nine months, while used car volumes rose by 20 per cent.
This follows the announcement of rival dealer Pendragon, which have also forecast strong profit growth in recent days, which is pushed by the continued rise in car sales.
SMMT has predicted sales of more than 2.2m cars this year, a rise of eight per cent on last year, after the 12.1 per cent increase last month recorded the 19th month in a row of increased sales.
Prior to the statement, Lookers was expected to report average 2013 pre-tax profit of £43.5m.
The firm’s chief executive, Peter Jones, said 2013 results would be ‘significantly ahead of current market expectations’ and that ‘further recovery in the UK new car market provides a positive environment for further growth.’
