Lookers shares slide despite increased profits

12th Aug 2015 11:51

(ShareCast News) - Shares in car dealership Lookers slipped despite the company posting a 6% rise in first half pre-tax profits.At 1158 BST the shares were down by 1.53% to 161.25p after Lookers said it delivered a record first half result.Lookers posted earnings before tax of £38.8m from £37.7m off a 9% boost in revenue to £1.75bn from £1.6bn.Earnings per share were up 6% to 8.08p from 7.59p, and the company upped its interim dividend by 10% to 1.07p per share from 0.97p.Lookers said total registrations in the UK car market were up by 7% during the past six months, leading to turnover and profit growth in its motor division.Analysts at N+1 Singer retained a 'buy' stance on the stock and said in an update it was well positioned to benefit from wider sector trends."It also looks well positioned to make accretive acquisitions in both its Motor and Parts divisions given growing opportunity and fire power," N+1 Singer said.