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Annual Results

Record profits for Lookers

08 March 2017 07:37

Car dealer Lookers posts record profits for the year to the end of December - its eighth successive year of turnover and profit growth.

Revenue increased 17% to £4.3 billion while profit before tax rose by 46% to £91.8 million, including an exceptional profit of £28 million on sale of the parts division.

Adjusted profit before tax increased 7% to £77.1m and adjusted operating profit increased 10% to £94.7m.

Earnings per share rose by 59.2% to 20.51p while adjusted earnings per share rose by 4% to 15.87p.

The proposed final dividend of 2.36p per share takes the total dividend per share to 3.64p - up 17%.

Chief executive Andy Bruce said: "I am pleased to announce an excellent set of year end results.

"Our profit is at record levels and has increased for the eighth consecutive year - evidence of both an expansive and a resilient business model. "We know our strategy of having the right brands in the right locations and excellent execution is the right one - and during the year we've managed our portfolio of dealerships to reflect that.

"Generating shareholder value through acquisitions is one of the things we do best.

"We will be making more acquisitions and have the balance sheet strength to do so.

"We've made a good start to the current financial year and have a healthy order book for the delivery of new cars in the important month of March.

"Our strategy of acting as a consolidator - and growing organically - leaves us ideally placed for growth and increased earnings in 2017 and beyond."

Story provided by StockMarketWire.com

Related Company: LOOK

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