(LOOK.L) Lookers PLC Buy/Sell

RNS Number : 6345B
  Lookers PLC
  30 October 2009
   

30 October 2009

LOOKERS plc

INTERIM MANAGEMENT STATEMENT

Lookers plc, a leading UK motor retail group, is issuing an interim management statement for the period from 1 July 2009 to 29 October 2009.

The strong trading performance delivered in the first half of the year has continued and we are pleased to report that trading during the quarter ended 30 September 2009 and particularly during the critical month of September, has remained strong. Consequently Group results for this period are significantly ahead of both budget and the prior year.

The UK market for new cars continues to be challenging and has fallen by 15% year on year to 30 September. Despite this, like-for-like new car sales are 11% ahead of the market with sales under the Government scrappage scheme and corporate sales helping the Group outperform the market.

Used car volumes and margins have been maintained at high levels, which have offset the weaker performance in new car profits during the nine month period. Our franchise aftersales revenue is showing good growth, up 3% and gaining market share in a declining market. 

Our independent parts division continues to go from strength to strength, again achieving record results, with all three divisions of the business significantly ahead of last year. These factors, together with lower interest costs, following significant reductions in working capital, have helped to deliver a very satisfactory trading result for the period.

OUTLOOK

As a consequence of this strong trading performance, we are very confident with the outlook for the rest of the financial year to 31 December 2009. Whilst economic conditions remain uncertain, this year will continue to be challenging for the underlying new car market. However, the Group's diversified business model and market leading parts division, together with the actions that have been successfully completed in the Motor Division to reduce costs, leave us well positioned to trade through this difficult environment. 

We continue to focus on areas where we can improve the performance of the Group's franchise outlets and continue to explore incremental product opportunities for the parts business.

The successful equity raising in July has strengthened our balance sheet and provided the Group with greater flexibility so that it is well placed to take advantage of opportunities which may arise and to emerge from the current downturn a stronger and more efficient business. 

Commenting on the statement, Peter Jones, Chief Executive, said

"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.

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. Our market leading parts division is performing at record levels and our dealership aftersales business is trading well. These factors, together with our strengthened balance sheet, give us confidence that we will continue to trade successfully in the current economic climate and be able to take advantage of selective opportunities as they arise."

For further information:

 Lookers plc                      Telephone: 0161 291 0043
 Peter Jones, Chief Executive
 Robin Gregson, Finance Director

 Hudson Sandler                   Telephone: 020 7796 4133
 Nick Lyon / Kate Hough

        

        

This information is provided by RNS
The company news service from the London Stock Exchange
 
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RNS Number : 1843A Lookers PLC 02 October 2009

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RNS Number : 9550Z Lookers PLC 30 September 2009

30 September 2009

Lookers plc

('Lookers')

Board Change

As previously announced, Ken Surgenor retires from the Board of Lookers today, having served eight years as CEO and worked for the company for 23 years. He is replaced by Peter Jones, currently Managing Director of the Motor Division, who joined the Board in May 2008. Peter, 52, has extensive motor trade experience having been CEO of CD Bramall plc for six years and more recently as co-owner of Bramall & Jones Limited.

Phil White, Chairman of Lookers, commented: "Ken Surgenor was the architect of Lookers' recent growth including the acquisition of FPS, which was a transformational deal for the Group. Ken's own particular style and passion for the business have made Lookers one of the most reputable companies in the sector. I am therefore delighted that he will be staying with the Group overseeing our Northern Ireland operations.

"I am pleased to announce that Peter Jones is stepping up to the position of Chief Executive. Peter has a great track record in the industry and has done a tremendous job for us since joining Lookers and we look forward to him leading the Group in its next stage of development."

Enquiries:

Lookers
Peter Jones, Chief Executive 0161 291 0043

Robin Gregson, Finance Director

Hudson Sandler 020 7796 4133

Nick Lyon/Kate Hough

This information is provided by RNS The company news service from the London Stock Exchange

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RNS Number : 6204Z Lookers PLC 24 September 2009

Lookers plc ('the Company')

Additional Listing

Application has been made to the UK Listing Authority and the London Stock Exchange plc for a total of 843 ordinary shares of 5p each to be admitted to the Official List of the UKLA and the London Stock Exchange for trading.

These shares are to be issued and allotted as part of an employee take up of new ordinary shares under the Company's SAYE share option scheme. It is expected that admission will occur and trading will commence on 25 September 2009. The shares will rank pari passu with the Company's existing issued ordinary shares.

S R MacDonald

Company Secretary

24 September 2009

This information is provided by RNS The company news service from the London Stock Exchange

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