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Interim Results

Lookers adjusted pre-tax profits up 18%

16 August 2017 07:26

First half revenues at Lookers increased by 5% to £2.46 billion with growth from new and used cars, as well as aftersales.

Operating profit from continuing operations increased 13% to £58.1 million and adjusted profit before tax from continuing operations rose by 18% to £50.2 million.

Other highlights:

- Profit before tax from continuing operations increased by 14% to £44.6 million (2016: £39.2 million) - Profit before tax of £44.6 million (2016: £46.7 million) - Earnings per share from continuing operations up 15% at 9.07p (2016: 7.90p) - Increase in interim dividend of 10% to 1.41p per share (2016: 1.28p)

Chief executive Andy Bruce said: "I am pleased to announce an excellent set of results for the first half of the year with growth across all areas of the business.

"We continue to produce record levels of profit which is evidence of the success of our expansive and resilient business model.

"We have made good progress with our strategy of having the right brands in the right locations with excellent execution and have managed our portfolio of dealerships to reflect that.

"Our order book for new cars for the important month of September is continuing to build in line with our expectations and the new car market for this year is still forecast to be at a historically high level.

"We therefore believe that the company is well positioned to continue its strong performance and deliver sustainable value to shareholders."

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