Record motor performance for Lookers
Lookers, one of the leading UK motor retail and aftersales service groups, has announced its annual results for the year ended 31 December 2014.
Revenue increased 23% to £3.04bn (2013: £2.46bn). Operating profit also increased 31% to £76.6m (2013: £58.4m). Adjusted profit before tax increased 35% to £65.0m (2013: £48.1m), whilst profit before tax increased to £59.2m (2013: £43.9m).
The group also experienced a record performance from the motor division, with strong growth in its used car volumes and margins.
Andy Bruce, chief executive said, ‘We have delivered another strong trading performance in 2014, our sixth year of successive profit growth. The motor division has produced an excellent result and the parts division has made good progress, delivering a strong performance in improving but competitive market conditions. Lookers is well placed to take advantage of future growth in the new and used car markets as well as increased demand for aftersales and parts. This gives us further confidence that we can continue to grow the business in 2015.’
Phil White, chairman of Lookers said, ‘I am delighted to report that this is our sixth consecutive year of profit growth and that Lookers has achieved an adjusted profit before tax of £65.0m (2013: £48.1m). This result has been achieved against the background of strong growth in the UK new car market which reached its highest level for ten years.
‘Total registrations for the UK new car market in the year were 2.47 million, an increase of 9.3%. Our motor division, once again delivered an excellent performance producing strong growth in volumes of both new and used cars, with an increase in new car volumes of 9.7%.
‘I am very pleased to report that our independent parts distribution business also made good progress in the year in an improving but competitive market with increases in both turnover and profits compared to the previous year.
‘The UK new car market has now benefitted from three years of strong growth which we now expect to stabilise. Our motor division has produced an excellent result during 2014 and we believe there are still further opportunities to develop our existing business in addition to benefiting from acquisitions made in 2014. The parts division has made good progress and has further potential for future growth and development.
‘The new financial year has started well with group results to date being in line with expectations. We are therefore confident of delivering further growth in 2015.
‘I would like to conclude by thanking all our people at Lookers for their hard work and dedication and without whom we would not have been able to yet again deliver another excellent result for the sixth successive year.’
For the full results, please click here: http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/12268892.html