Strong trading continues for Lookers
Car dealership group Lookers expects to report underlying profit before tax of about £45 million for the first half of 2022
Trading has continued to be strong for the group, which includes Mercedez-Benz dealerships in Stourbridge, Walsall and Wolverhampton and BMW in Stafford.
The figure is down from £50.3m in the first half of 2021 with the second quarter seeing lockdown restrictions lifted.
In the five months to the end of May this year the UK passenger car market declined by 8.7 per cent, significantly impacted by supply restrictions and logistics disruption. The Group performed broadly in line with the total market but outperformed the market in the brands which it represents.
In the five months the group's used vehicle volumes declined by 8.1 per cent.
After sales revenue remained resilient showing good growth throughout the period.
Lookers anticipates that the new and used vehicle supply restrictions will continue for the remainder of 2022 and beyond.
Chief executive Mark Raban said: "Following a record year in 2021 we have maintained strong trading momentum whilst continuing to make progress with our key strategic initiatives. I would like to thank all my Lookers colleagues, our customers and our brand partners for their patience and understanding during these uncertain trading conditions. There is no doubt that challenges lie ahead but with continued operational optimisation Lookers is extremely well positioned to continue to maximise its multiple growth opportunities."
