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Lookers profits soar, plus new chairman

Lookers half year turnover results to June 30 were up 12% to £726.6 million compared to the same period last year.

The un-audited results released by Lookers showed operating profits were also up, with an increase of 16% to £17.8m compared to the same period last year.

New car retail sales up 5% on a like for like basis and used car retail sales were up 22% with like for like sales up 9%.

Ken Surgenor, chief executive said: "I am delighted to announce an excellent set of results. They demonstrate the effectiveness of our business model and approach which continue to deliver a strong performance.

"It also reflects the high quality of our management team and the commitment and hard work of our people, the strong relationships we have developed with our manufacturer partners, our de-centralised operating model and our development into complementary automotive markets.

As a result, we are making good progress in meeting our expectations for the year and the forecast we made at the time of the defence. The consistent application of our proven strategy will, I am confident, continue to deliver value to our shareholders."

New chairman

The Lookers board also announced that it has appointed Phil White CBE as chairman of the company with immediate effect, following the announcement made at its general meeting on May 11 that Fred Maguire would be stepping down.

White is a chartered accountant and has experience of both listed and private companies and working in both the public and private sectors.

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