Thursday, April 30, 2009
Lookers still confident despite drop in profits
Lookers’ profits have taken a pummelling falling from £38.3 million to £10.2m according to the group’s preliminary results for the year ended December 31, 2008.
Despite the dip in profits, the dealer group’s revenues were up from £1.68 billion to £1.78bn.
Ken Surgenor, Lookers’ chief executive, said: “We continue to believe that 2009 will be challenging for the new car market.
"However, our diversified business model and market-leading aftersales offering, coupled with the actions we have taken across our franchise operations and the £12m of cost savings in the current financial year mean that we are well placed to weather the uncertain economic environment, take advantage of any opportunities which may arise and emerge from this downturn as a stronger and more efficient business."
Financial highlights
Revenue £1.78 billion (2007: £1.68 billion)
Adjusted profit from operations £33.9 million (2007: £40.0 million)
Profit from operations £10.2 million (2007: £38.3 million)
Adjusted profit before tax £14.0 million (2007: £24.5 million)
Loss before tax £14.9 million (2007: profit £23.0 million)
Adjusted earnings per share 5.34p (2007: 9.81p)
Loss per share 8.82p (2007: earnings 9.09p)
Discussions with existing finance providers to put in new facilities to April 2012 well advanced.
Operational highlights:
Resilient performance against difficult market backdrop
Strong performance from independent aftermarket parts division
Product ranges expanded
National infrastructure strengthened
Strategic review of franchise network completed
Exited 21 satellite and main market operations
Dual franchised a further seven businesses
Successful cost reduction programme generating annualised savings of approximately £12m
Group well positioned to trade through downturn
Strong first quarter performance in 2009.
DATED: 30.04.09
FEED: AM
Despite the dip in profits, the dealer group’s revenues were up from £1.68 billion to £1.78bn.
Ken Surgenor, Lookers’ chief executive, said: “We continue to believe that 2009 will be challenging for the new car market.
"However, our diversified business model and market-leading aftersales offering, coupled with the actions we have taken across our franchise operations and the £12m of cost savings in the current financial year mean that we are well placed to weather the uncertain economic environment, take advantage of any opportunities which may arise and emerge from this downturn as a stronger and more efficient business."
Financial highlights
Revenue £1.78 billion (2007: £1.68 billion)
Adjusted profit from operations £33.9 million (2007: £40.0 million)
Profit from operations £10.2 million (2007: £38.3 million)
Adjusted profit before tax £14.0 million (2007: £24.5 million)
Loss before tax £14.9 million (2007: profit £23.0 million)
Adjusted earnings per share 5.34p (2007: 9.81p)
Loss per share 8.82p (2007: earnings 9.09p)
Discussions with existing finance providers to put in new facilities to April 2012 well advanced.
Operational highlights:
Resilient performance against difficult market backdrop
Strong performance from independent aftermarket parts division
Product ranges expanded
National infrastructure strengthened
Strategic review of franchise network completed
Exited 21 satellite and main market operations
Dual franchised a further seven businesses
Successful cost reduction programme generating annualised savings of approximately £12m
Group well positioned to trade through downturn
Strong first quarter performance in 2009.
DATED: 30.04.09
FEED: AM
