Lookers sees 2013 results significantly ahead of expectations

30th Oct 2013 08:31

UK new and used car dealer Lookers reported strong third-quarter earnings and said it is confident that results for the full year will be significantly ahead of current market expectations.Lookers said it has benefited from a significant increase in volumes at both new retail and used cars as well as improving margins in both sectors. In the nine months to September 30th the UK new car market increased by 11% while used car volumes for the period by 20% compared to last year. Its parts division returned to profit while turnover increased by 5%. "The UK new car market is clearly benefiting from a welcome recovery after several years of relatively low but stable sales volumes and our motor division has produced an outstanding result in the 10-month period to the end of October," the group said in a trading update.Turnover in the motor division's aftersales business was up on last year."The aftersales bias to the business and further recovery in the UK new car market, provide a positive environment for further growth," Lookers added.CJ