National car dealer Lookers revs up further growth
MANCHESTER-BASED car dealership group Lookers has started the year with a strong trading performance.
For the quarter ending March, Lookers reported a 17 per cent increase in gross profit for new cars and 9 per cent growth on a like-for like basis. The group said this was as a result of UK new car market volume growing by 6.2 per cent and total new car volumes increasing by 7.4 per cent.
The used cars division saw a 23 per cent increase in gross profit and 17 per cent growth on a like-for-like basis, caused by higher volumes of leads created by Lookers’ website.
The company seeks to keep the momentum going by launching a new, improved version of the website to be launched later in the year.
In Aftersales, gross profit increased by 18 per cent, and on a like-for-like basis increased 9 per cent, with revenue in the division increasing by 17 per cent and 8 per cent on a like-forlike basis.
In a statement Lookers said: “The group has made a pleasing start to the year with a positive result for the first quarter. We have a strong balance sheet where the level of net debt to EBITDA has improved compared to the prior year and which continues to be strengthened by operational cash flow.”
Lookers said the first quarter performance has strengthened the company’s balance sheet.