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Lookers enjoys feelgood factor with profit surge

Lookers has become the latest dealer group to boost confidence in the motor retail sector by announcing record results for the six months to the end of June.

Booming share prices across the sector throughout the summer have rewarded investors who maintain that changes to block exemption will benefit major motor retailers. Almost every quoted group has seen its stock price rise to a 52-week high over the past two months.

Lookers saw half-year turnover rise 28 per cent to £516m, and pre-tax profit grow 34 per cent to £10.3m. Fred Maguire, chairman, says: “Lookers has exceeded the record levels achieved in the same period last year. August is well ahead and orders for September indicate this trend will continue.”

The group's new car sales were up 20 per cent on the same period last year with used cars up 20 per cent. The company declared a 10 per cent increase in the ordinary dividend to 3.3p per share.

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