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Lookers upgrades FY profit expectations after 'outstanding' first half

By Michele Maatouk

Date: Thursday 29 Jul 2021

Lookers upgrades FY profit expectations after 'outstanding' first half

(Sharecast News) - Car dealership Lookers lifted its full-year profit expectations on Thursday after an "outstanding" first-half performance.
In an update on trading for the six months to the end of June, Lookers said it now expects first-half underlying pre-tax profit to be around £50m, compared to an underlying loss of £36.1m last year.

Looked said it has delivered an "excellent" trading performance throughout the first half, driven by driven by continued outperformance of the UK new retail car market combined with strong used volumes and margins, underpinned by its improved hybrid, omni-channel customer experience.

The results also reflect a resilient aftersales performance and the benefits of material cost reductions, it said.

"Whilst recognising that uncertainty remains in relation to Covid-19, consumer sentiment and increasing new and used supply constraints, in light of the strong H1 performance we now expect underlying profit before tax for 2021 to exceed the board's previous expectations," it said.

Lookers said like-for-like total new car sales were up 45% on the year, while used car sales were 38% higher and aftersales revenue rose 34%.

At 1030 BST, the shares were up 6.7% at 71.94p.

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