LONDON (ShareCast) - The government's car scrappage scheme has done Lookers (LSE: LOOK.L - news) a big favour, helping the car
dealer deliver third quarter results "significantly" ahead of both budget and last year's effort.
It said the strong trading performance seen in the first half of the year continued between July and October, particularly during the critical month of September.
Even though the UK market for new cars is down 15% year on year to 30 September, like-for-like new car sales at Lookers are 11% ahead of the market.
Used car volumes and margins have been maintained at high levels, according to the firm, offsetting weaker new car profits over the nine months.
"We are pleased with the strong trading performance for the third quarter following the excellent result for the first half of the year which was delivered in a difficult market," said boss Peter Jones.
"Economic conditions remain uncertain and we believe trading will continue to be challenging for the new car market. However, we anticipate used car volumes and margins will be maintained at current levels."
The company, which raised £80m earlier this year, is "very confident" with the outlook for the rest of the financial year
Send Article by Email
Send Article by IM
Blog This with Y! 360
Printable View
