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Trading statements

Lookers reports positive performance

09 November 2016 14:32

Lookers reports a positive trading performance in the third quarter, with a strong result during the important month of September.

Lookers said the motor division delivered another good performance in the nine months to 30 September, with total gross profit from new cars increasing by 11%, or level on a like for like basis. Margins for fleet cars increased during the period but there was some softening in the margin for new retail cars.

Gross profit from used cars increased during the period and margins also improved, resulting in an increase in gross profit of 22% compared to the prior year or 8% on a like for like basis.

The group's used car volumes continue to benefit from higher volumes of leads generated by the group's website.

The group will be making further major developments to its website, which will be released early next year, and are expected to result in significant improvements in both functionality and interaction with customers.

The aftersales business increased gross profit by 24%, or 8% on a like for like basis and gross margins were maintained at a similar level to last year.

The increase in volumes and margins continues to benefit from initiatives made in recent years including further increases in the penetration of the sale of service plans. The group also continues to invest in new technology and systems, to improve customer experience and increase retention. The independent parts division made good progress in the period with increases in both turnover and gross profit compared to the prior year and will make an improved contribution to the group's profits this year, up to the point at which it was sold.

At 2:32pm: (LON:LOOK) Lookers PLC share price was -3p at 106.75p

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