Lookers expects new car sales to be at historic high

One of Britain's biggest car dealership chains Lookers said it still expected new car sales to be at a 'historically high level' this year despite four consecutive months of drops.
Guests at the launch of the new Lookers Audi garage.Guests at the launch of the new Lookers Audi garage.
Guests at the launch of the new Lookers Audi garage.

New car registrations have fallen since April, the longest run of declines since 2011, hit by uncertainty over Brexit and government plans for customers to switch away from diesel and petrol models.

But Lookers, which posted a 14 per cent rise in first-half pre-tax profit from continuing operations to £44.6m, said it expected demand to remain strong in September, when around 20 per cent of all annual sales are made, and in the months ahead.

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Revenue increased 5 per cent to £2.46bn from £2.34bn the previous year.

Andy Bruce, chief executive of Lookers, said: “I am pleased to announce an excellent set of results for the first half of the year with growth across all areas of the business.

“We continue to produce record levels of profit which is evidence of the success of our expansive and resilient business model.

“We have made good progress with our strategy of having the right brands in the right locations with excellent execution and have managed our portfolio of dealerships to reflect that.

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“Our order book for new cars for the important month of September is continuing to build in line with our expectations and the new car market for this year is still forecast to be at a historically high level.

“We therefore believe that the company is well positioned to continue its strong performance and deliver sustainable value to shareholders.”

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