11/05/17

Lookers reports Strong Start to the year 

Lookers’ has reported a "good start to the year" and maintains the view that results will be in line with management expectations.

A jump in used cars gross profit of 23% was achieved compared to the prior year and 17% on a like-for-like basis.

Used car volumes benefited from higher volumes of leads generated by the Lookers website which will be replaced by a new platform with enhanced search functionality, later this year.

New car volumes increased by 7.4% compared to last year, with a strong retail performance up 9.2% and fleet up 5.1% on a like-for-like basis.

Total gross profit from new cars increased by 17%, or 9% on a like for like basis and margins, in terms of profit per unit for both new retail and fleet cars were higher than for the prior year.

The high margin aftersales business performed well in the period with turnover increasing by 17%, and 8% on a like-for-like basis. Gross profit increased by 18%, or 9% on a like-for-like basis and margins also increased in the period.

Read the full report, here.

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