Lookers PLC reports 12.4 per cent rise in profits

Time 9:47 am, March 6, 2013

lookerslogoLOOKERS PLC has announced that its pre-tax profit reached £35.3 million in 2012 – up 12.4 per cent on the previous year.

The group – which runs Lookers-branded dealerships in England and Wales, along with Charles Hurst in Northern Ireland and Taggarts in Scotland – also posted increased revenues: up 8.4 per cent, now £2.06 billion.

2012 is thought to be Lookers’s best ever year – boosted by strong car registrations  in the UK, and the acquisition Lomond Group Audi, who have franchises across Scotland.

‘We are pleased to have delivered another strong trading performance in 2012 and we have now had four successive years of increased profits,’ commented Lookers chief executive Peter Jones.

‘Our motor division has produced an excellent result and the parts division has delivered a resilient performance in challenging market conditions. Operational cash flow for the year was particularly positive, resulting in a strengthened balance sheet.

‘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.’

Jon Reay's avatar

Staff Writer Jon is one of the Car Dealer team's newest members. You can also find him contributing to AOL Cars.

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