has seen its results for the six months to June 30 2008 hit by the
“turbulent macroeconomic climate”, said chief executive Ken
Surgenor, with adjusted pre-tax profits down 14 per cent to
£15.5m (H1 2007: £18.1m).
Revenues for the period were up significantly on 2007, boosted
by the acquisition of the outlets of the Dutton
Forshaw chain from Lloyds TSB, to £1.04bn (H1 2007: £879m).
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National car retail group Lookers
has seen its results for the six months to June 30 2008 hit by the
“turbulent macroeconomic climate”, said chief executive Ken
Surgenor, with adjusted pre-tax profits down 14 per cent to
£15.5m (H1 2007: £18.1m).
Revenues for the period were up significantly on 2007, boosted
by the acquisition of the outlets of the Dutton
Forshaw chain from Lloyds TSB, to £1.04bn (H1 2007: £879m).
Surgenor added that he was “pleased” with the retail group’s
performance in difficult conditions for car sales, both new and
used. “Our diversified business model gives us the flexibility to
adapt to the current uncertainties within the UK and global
economies and our used car supermarkets and independent parts
businesses are showing significant year on year progress,” he
said.
New car sales were down 6.5 per cent on a like-for-like basis,
in a market where overall new car sales were down only 1.6 per
cent, according to figures from the SMMT. Lookers said the sharper
fall it had experienced was down to the poor performance of its
volume brands, with Renault, Citroën, Peugeot and Toyota down 14.9
per cent, 11.8 per cent, 9.4 per cent and 7.5 per cent
respectively.
In the prestige sector, meanwhile, Lexus sales fell by 20.1 per
cent and Land Rover sales were down 11.3 per cent.
Lookers, which operates 31 franchises across 139 outlets, said
its used car supermarkets had offered a bright spot amid the gloom,
with trading at these sites returning to profit following
structural management changes; their performances were said to be
“improving”.
“The board anticipates the full year results to be in line with
the lower end of market expectations,” Surgenor said.
