Lookers plc, which operate the Charles Hurst, Taggarts,and Lookers groups, has provided an update on its trading for the third quarter of 2017, confirming year to date turnover in new vehicle sales up 10% at 30 September 2017.
The company’s statement recognizes the contribution of manufactures in easing the hit taken on a declining market in Q3 2017 by reducing targets, and increasing tactical incentives. Lookers reports total gross profit from new cars increased by 6% on a like for like basis in the nine months to 30 September, with new car margins and profit per unit for both new retail and fleet cars higher than the prior year.
Lookers’ used car performance saw turnover increased by 14% on a like for like basis in the nine months to 30 September, while reporting an increase in gross profit of 12% on a like for like basis. Its aftersales business, which represents 40% of total gross profit, reported 4% growth on a like for like basis, with a 6% gross profit increase in the same 9 month period.
The group’s statement concludes by stating that its annual results will be in line with expectation “In light of the softening in the new car market since April, as various factors impact on consumer confidence, we continue to plan prudently for the business. However, based on the progress seen in the year to date, the board is confident that the group will make further progress during the remainder of this year and believes that the results for the year ending 31 December 2017 will be in line with management’s current expectations.”
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