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Lookers confident of 2009 performance

Lookers is ahead of budget following a strong performance in the first nine months of the year the dealer group is on target to exceed market expectations for its full year results.

According to the dealer group's interim statement, like-for-like new car sales were 13% up on 2008 levels and used car volumes were up 6% on 2008.

Lookers’ parts division is on target to have a record year after the company made improvements to its profitability and the group said it was "significantly ahead of budget".

The group said its aftersales division had benefited from the consolidation of the dealer market in the UK and has delivered strong results for 2009.

Outlook

Peter Jones, Lookers chief executive, said: "Despite the difficult market conditions we expect to deliver a record trading performance for the company in 2009. We believe that market conditions will remain challenging in 2010.

"Nevertheless, the strong performance from both the parts and motor divisions supported by our strengthened balance sheet and reduced cost base gives us confidence that we will continue to trade successfully through the period and be in a position to pursue strategic growth opportunities as they arise."

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