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Annual Results

Lookers produces record results

09 March 2016 07:23

Car dealer and aftersales service group Lookers posts record results for the year to the end of December and says it is strongly position for further growth.

The group reports its seventh successive year of profit growth with revenue increasing by 20% to GBP3.65 billion and operating profit up 12% at GBP85.9 million.

Adjusted profit before tax increased 11% to £72.1 million (2014: £65.0 million).

Profit before tax increased by 6% to £62.8 million (2014: £59.2 million) Other highlights:

_ Earnings per share up 7.1% at 12.88p (2014: 12.03p)

- Adjusted earnings per share up 12.7% at 15.24p (2014: 13.52p)

- Proposed final dividend of 2.05p per share - total dividend per share up 10% at 3.12p (2014: 2.84p)

- Banking facilities renewed and extended, providing committed and secured funding until 2020

- Major acquisition of Benfield Motor Group

Chief executive Andy Bruce said: "We have delivered another strong trading performance in 2015, our seventh consecutive year of increased profits, which provides further evidence that our business model is both resilient and expansive through the cycle. Our motor division and our parts divisions also produced excellent results, showing the diversity and strength of our operations.

"Our strategy is to: have the right brands, the right locations and excellent execution. By implementing this, we are ideally placed to take advantage of growth prospects across all areas of the business as well as consolidation opportunities in the sector, not least because businesses of scale will be the winners in our sector. This gives us confidence that we will deliver another improved performance in 2016."

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