Lookers PLC Trading Update (2367D)
28 Giugno 2021 - 8:00AM
UK Regulatory
TIDMLOOK
RNS Number : 2367D
Lookers PLC
28 June 2021
28 June 2021
LOOKERS plc ("Lookers" or the "Group")
Trading Update - Full year 2021 outlook significantly ahead of
current expectations
Lookers plc, one of the leading UK motor retail and aftersales
service groups, today provides an update for the current financial
year to date, reporting strong momentum in trading and a
significant upgrade to its full year 2021 expectations*.
As previously announced on 25 May 2021, trading in the
four-month period to 30 April 2021 was strong. These positive
trends have continued into May and June where we have seen robust
consumer demand and ongoing outperformance of the UK retail new car
market. Used vehicle margins also remain strong benefitting from
improving residual values and greater operational focus. In
addition to these market trends the Group continues to benefit from
its enhanced hybrid omni-channel customer offer, and the decisive
self-help restructuring initiatives implemented last year.
As we look forward into the second half of 2021 there remains
some uncertainty driven by the ongoing impact of COVID-19 and
notable supply restrictions in both new and used vehicles, which
have been tightening in recent weeks.
Notwithstanding these uncertainties, given the strength of
performance during the first half of 2021, the Board expects the
full year performance to 31 December 2021 to be significantly ahead
of current expectations*.
The Group's balance sheet remains robust with a current net cash
position of approximately GBP18m.
Mark Raban, Chief Executive Officer, said:
"Performance in the first six months of the year has been
exceptionally strong underpinned by our relentless focus on
operational excellence, strong consumer demand, significant market
outperformance and a much improved omni-channel customer
experience. I would like to thank the fantastic Lookers team for
their considerable efforts and commitment in delivering these
results."
*Management compiled analyst consensus for underlying profit
before tax for the full year ended 31 December 2021 is currently
circa GBP 40m.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR. The person
responsible for making this announcement is the Company
Secretary.
Enquiries:
Lookers
Mark Raban, Chief Executive Officer 0161 291 0043
Anna Bielby, Interim Chief Financial Officer
MHP Communications
Alistair de Kare-Sliver / Simon Hockridge 020 3128 8742
The Company is registered in England at Lookers House, 3
Etchells Road, West Timperley, Altrincham WA14 5XS. Company
registration number 00111876. LEI number 213800TSB8PJEACDAV33
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END
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