Lookers plc, (“Lookers” or “the Group”), one of the leading UK motor retail and aftersales service groups, announces its unaudited results for the six months ended 30 June 2019 (“H1”, “first half” or “the Period”).
Key financials:
| HY2019 | HY2018*** | Var % | FY2018*** | |
| Revenue £m | 2,646.4 | 2,576.5 | +2.7% | 4,879.5 |
| Underlying profit before tax £m* | 29.2 | 40.3 | -27.5% | 53.9 |
| Profit before tax (“PBT”) £m | 24.9 | 41.3 | -39.7% | 48.6 |
| Net debt £m** | 73.9 | 54.5 | -35.6% | 86.9 |
| Underlying basic earnings per share (p)* | 6.06p | 8.59p | -29.5% | 11.22p |
| Basic earnings per share (p) | 5.17p | 8.80p | -41.3% | 10.12p |
| Dividend per share (p) | 1.48p | 1.48p | - | 4.08p |
* PBT before property disposals, share based compensation, defined benefit pension enhanced past service costs, provision for the restructure of regulated activities, net interest on pension scheme obligations and debt issue costs
** Excluding lease liabilities under IFRS16
*** Restated for first time adoption of IFRS 16 (see note 1) and reclassification of amortisation of on intangible assets to underlying earnings
Highlights:
Andy Bruce, Chief Executive of Lookers, said:
“Our performance for the first half reflects an ongoing backdrop of challenging UK market conditions for the sector. Whilst we are reporting lower profits year-on-year, we have made good progress on a number of strategic initiatives and have a clear investment plan to restructure and strengthen our regulated activities. Our balance sheet remains strong including our valuable property portfolio. Working closely with our brand partners I am confident in the long-term prospects for the business. The Board’s current outlook for the full year at the underlying profit before tax level remains unchanged”.
There will be an analyst presentation today at 9.30am, taking place at MHP Communications, 6 Agar Street, London, WC2N 4HN. The presentation will also be accessible via a live conference call for registered participants. To register for the call please contact MHP Communications on +44 (0)20 3128 8742, or by email on lookers@MHPC.com.
At Lookers, we don't just provide motor retail and aftersales services. We are proud to call ourselves a people business. This doesn't just mean a personal service to our customers; it extends to the communities we work within and to all the people across the UK and Ireland who make us who we are.
Our engaged and empowered teams help us deliver a personalised experience
We utilise a seamless multi-channel experience to provide better service and encourage interaction with our customers
We are the partner of choice for customers, people, suppliers and investors
We know the importance of a stable, engaged and high quality workforce. Specialist support, including group qualifications to manage the Apprenticeship Levy and group diversity is offered to ensure the best talent from all backgrounds can access and succeed at Lookers.
We continue to invest with people and proudly offer market leading staff benefits, such as extra holiday, critical illness cover for all and 12-months full maternity pay.
As a progressive business we recognise the importance of a high-quality multi-channel experience that our customers now expect. Our website embodies our aim to put information at our customers' fingertips and give them more control over how they interact with us. We are continually enhancing the customer journey, including a retail experience using CitNOW, and are constantly upgrading our network to keep the business moving.
As a modern motor retailer, we understand the importance of a strong brand. We continue to build a compelling 'Why Lookers?' proposition to work alongside our manufacturers' brands through engaging, creative and relevant content to increase retention, brand recognition and sentiment.
A customer-centric engagement strategy across all channels and touch points with unique, content-rich proof points will allow us to become 'best in brand' for an added-value retail experience - embracing next generation digital capabilities.
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