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Lookers announces results

AM 100 No 9 listed automotive retailer Lookers plc has announced interim record results for the half-year ended June 30.

Turnover was up 12% to £576.4m (2003: £516.1m) and operating profit pre goodwill and exceptional items rose 8% to £12.5m (2003: £11.6m).

Among the operational highlights were a 13% increase in new car sales and a 16% rise in used car sales in a period in which Lookers acquired FPS Distribution for £31m.

Chief executive Ken Surgenor comments: "These excellent results demonstrate the progress Lookers has made over tthe last year to improve operating efficiencies and the quality of our earnings. We have a well balanced portfolio of franchise outlets, vehicle servicing and parts sales facilities.

"We are delighted with the acquisition of FPS. This will not only enhance the group's earnings, but will also broaden our revenue base."

Surgenor adds that over the next six months Lookers will continue to invest and develop and improve its network of outlets through selective acquisition.

Full report in AM, August 17

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