Lookers boosts profits and dividend

5th Mar 2014 08:53

- Annual profit rises 27 per cent- Dividend increased 10 per cent- Confident of progress in 2014Car retailer Lookers reported improved annual earnings in an improving but competitive market conditions and said it is confident of further growth in the coming year.The car dealership chain reported revenue of £2.46bn for the year ended 31st from £2.06bn before. Pre-tax profit increased to £43.9m from £34.3m previously.Adjusted profit before tax increased to £48.1m from £38.0m while earnings per share (EPS) climbed 37% to 9.28p.Chief Executive Andy Bruce said: "The motor division has produced an excellent result and the parts division has returned to growth, delivering a strong performance in improving but competitive market conditions. "Lookers is well placed to take advantage of future growth in the new and used car markets and increased demand for aftersales and parts which gives us further confidence that we can continue to grow the business in 2014."Lookers have proposed a final dividend of 1.7p per share and a total dividend per share of 2.58p up 10% from 2012.CJ