14th May 2015 07:59
LONDON (Alliance News) - Car retailer Lookers PLC on Thursday said it anticipates meeting market expectations for the full year following a robust trading performance in the first quarter, with all divisions showing growth.
Lookers said new retail car gross profit rose by 4% in the quarter to the end of March, with margins also ahead year-on-year. The group was boosted by an increased focus on the fleet sector, where gross profit from new fleet cars rose by 12% and margins were maintained year-on-year.
Gross profit from new cars rose in the quarter, up 10%, on the back of a further improvement in margins. The group said it has been boosted by an increased number of leads from its website, which has been significantly upgraded in recent months.
Aftersales gross profit rose by 9% year-on-year in the quarter, with revenue up by 7%, boosted by growth in the number of cars under three years old, a trend Lookers expects to continue.
The group said it has made a good start to the year and said its results for the year to the end of December should be in line with market expectations, given the improved operating results against strong comparatives from 2014.
Shares in Lookers were trading flat at 156.75 pence on Thursday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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