Lookers turnover up to £4.7bn despite new car dip

Lookers CEO Andy Bruce

Manchester-based Lookers plc, the UK’s biggest car dealership, said its turnover rose 15% to £4.7 billion in 2017 and adjusted profit before tax rose 5% to £68.4 million despite a dip in the new car market.

Lookers aso announced a £10 million share buyback programme.

Lookers CEO Andy Bruce said“We have delivered a robust set of results with good growth across all areas of the business, demonstrating the resilience and differentiation provided by the Lookers business model.

“Against a backdrop of a 5.6% dip in the new car market, we have seen strong momentum in used cars and aftersales.

“We have made good progress with our strategy over the year and remain focused on having the right brands in the right locations, combined with excellent execution that gives our customers a personal, relevant and multi-channel retail experience.

“We have managed our portfolio of dealerships to reflect this goal and our franchise representation is well positioned for the future.

“The order book for new cars in the important month of March is in line with our expectations and whilst the new car market for this year is forecast to reduce, it is still at a historically high level.

“We expect to make further progress over 2018 with good momentum in used cars and aftersales and a resilient performance in new cars.”