5th Apr 2023 11:27
(Alliance News) - Lookers PLC on Wednesday said annual revenue increased, and it raised its dividend on a strong performance in 2022.
The integrated automotive retail and service group reported revenue for 2022 of GBP4.30 billion, increasing 6.2% from GBP4.05 billion in 2021. Lookers said the increase reflects strong trading across all divisions despite supply restrictions and logistics disruption.
Pretax profit amounted to GBP84.4 million, down 6.2% from GBP90.0 million the year prior, as a result of an "unprecedented environment" in 2021 which had increased margins on new and used vehicles that year.
Lookers noted that it also received GBP9.8 million of Covid-19 support during 2021, which is included in its pretax profit figure.
The company declared a final dividend of 2.0 pence per share, bringing the total dividend to 3.0p, up 20% from 2.5p a year ago.
Looking ahead, the firm noted that it has made an "excellent start" in the first quarter of 2023, with pretax profit ahead of 2022, adding that its full-year forecast for pretax profit is now ahead of previous expectations.
"We have strong momentum in the execution of our strategic priorities. Our operational optimisation agenda remains the cornerstone of our strategy and we have made demonstrable progress on our self-help initiatives. In addition, I am particularly pleased to see the expansion of our offerings through partnerships with a number of exciting new brands and the addition of incremental revenue streams including cosmetic repairs.
"We remain mindful of pressures faced by the consumer and on discretionary spending. However, we are confident in our proposition, our balance sheet and strategic focus, with significant opportunities ahead."
Lookers shares rose 3.1% to 87.62 pence each in London on Wednesday morning.
By Harvey Dorset, Alliance News reporter
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