Lookers reveals slight dip in profits but revenues rise
Lookers saw its profits slip despite a rise in revenue in the first half of 2023.
The car dealership group, includes Mercedes-Benz dealerships in Shrewsbury, Stourbridge, Walsall and Wolverhampton, and BMW in Stafford, said half-yearly revenue grew 8 per cent to £2.42bn pounds in the six-month period to June 30.
The company, subject of a £500m takeover bid by Canadian firm Global Auto Holdings, said all revenue streams delivered growth and reflected improved vehicle supply.
However underlying pre-tax profit slipped 2.3 per cent to £46.1m from £47.2m in the first half of 2022.
Mark Raban, Chief Executive Officer, said: "Against significant macroeconomic headwinds, the Group has once again delivered a good trading performance.
"I would like to thank the entire Lookers team for their amazing contribution and dedication to the company.
"The board unanimously recommends the cash offer for Lookers by Global Auto Holdings Limited at 130p per share, which represents a premium of approximately 61 per cent.
"The board believes that the offer is in the best interests of all shareholders and provides an opportunity to crystallise, in cash, the value of their investments."
