Lookers in top gear

14th Jan 2011 08:11

Lookers will beat its own expectations for the full-year and deliver results at the top end of analysts' forecasts after the car dealer's strong run continued through the fourth quarter.It had already done good business in the first nine months of the year, predicting bumper results back in October, and has now beaten both budget and the previous year's results in the final three months of 2010.The parts unit grew profits again, while the motor division also did well. Like for like sales of new cars were up 3.8% for the 12 months compared with a 5.6% decline for the UK market as a whole. Good growth in the second half helped the used car business recover to 2009 levels."Both divisions have delivered excellent trading performances in the year and we therefore anticipate that the results for the financial year to 31 December 2010 will be towards the top end of market expectations," the group said Friday. Although it admits consumer confidence and the UK economy are likely to continue affecting the new and used car retail markets, Lookers reckons the aftersales bias to the motor division and a strong performance over the past two years "leave us well positioned for future growth".Full-year results are out on 9 March.