17th May 2016 07:06
LONDON (Alliance News) - Lookers PLC on Tuesday said it has made a good start to 2016 with positive results in the first quarter and therefore should meet current market expectations for the full year.
The motor retail and aftersales service group said it achieved a strong performance in the three months ended March 31 with a particularly good performance in March.
Total gross profit from new cars increased by 23% year-on-year in the motor division, or 5% on a like-for-like basis, while used cars gross profit also rose by 23%, or 7% on a like-for-like basis. The aftersales business, meanwhile, saw gross profit rise by 25%, also 7% on a like-for-like basis.
"The financial performance of the group in the three month period builds on what was already a strong comparative in the previous year. We therefore believe that the results for the year ending December 31, 2016 should be in line with current market expectations, which will represent a significant increase over our 2015 performance," Lookers said in a statement.
Shares in Lookers were up 8.1% at 142.40 pence shortly after market open Tuesday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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