19th May 2009 07:00
19 May 2009
LOOKERS plc
INTERIM MANAGEMENT STATEMENT
Lookers plc, one of the UK's leading motor retail groups, is issuing its Interim Management Statement ahead of the end of the first half of the current financial year on 30th June 2009.
At the time of the announcement of its preliminary results on 30th April 2009, the Company said that its first quarter performance was ahead of expectations, and the first quarter of last year, despite the decline in the new car market. This encouraging performance has been maintained in recent weeks, reflecting continued strong performance in used car sales and further growth from Lookers' aftersales and after market parts distribution businesses. As a result, the Company continues to trade ahead of budget and to be highly cash generative.
Ken Surgenor, Chief Executive, said: "Our diversified business model and market-leading aftersales offering coupled with the cost savings we are realising is enabling us to trade resiliently through a tough market."
The Company continues to be in advanced discussions with its finance providers to ensure that its financing arrangements remain appropriate for the current market conditions. The Board's aim is to ensure that funding is appropriately structured, establishing a sound financing structure for the medium term. Recognising that the new arrangements are likely to be significantly more expensive, as previously announced the Board is therefore also considering alternative sources of capital in order to minimise the additional cost of bank borrowings. The details of the bank facilities are now being finalised and are expected to be concluded shortly. The Board will update the market on these discussions in due course.
For further information:
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Lookers plc |
Telephone: 0161 291 0043 |
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Ken Surgenor, Chief Executive |
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Hudson Sandler |
Telephone: 020 7796 4133 |
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Andrew Hayes / Nick Lyon / Kate Hough |
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