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Interim Results

Lookers' profit

17 August 2016 07:18

Lookers - a leading UK motor retail and aftersales service group - reports record results for the six months to the end of June and says it is positioned for further growth.

Revenue increased 33% to £2.34 billion (2015: £1.75 billion) and operating profit rose 20% to £59.1 million.

Adjusted profit before tax increased 16% to £50.1 million and profit before tax rose by 17% to £46.7 million (2015: £39.9 million).

Earnings per share were up 17% at 9.44p and adjusted earnings per share rose 16% to 10.3p (2015: 8.89p).

The interim dividend is up 20% at 1.28p per share (2015: 1.07p).

The group said net debt had been reduced significantly to £74.9 million (31 December 2015: £161.7 million).

Chief executive Andy Bruce said: "We have worked hard at pursuing the strategic priorities for the business which we laid out in March; having the right brands and locations alongside excellent execution.

"£Through careful portfolio management and a focus on delivering the best service for our customers, our motor division has continued to grow strongly and has delivered record results. The parts division has also performed well.

"Since the period end, we have also announced the conditional sale of the group's parts division, an attractive offer which we believe allows us to concentrate on what we do best; focusing on our motor division to buy and sell cars, and add value through acquisitions. The sale of the parts division is a great opportunity to shift our strategy and to focus on the higher growth division of the business.

"We are delighted to have already announced the acquisition of Drayton Motor Group, which we believe fits our acquisition criteria of selecting excellent businesses which will be of strong financial and cultural benefit to the group."

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