Lookers set to deliver record profit for year despite problems caused by Covid

Lookers today revealed it expects to deliver a record profit for the year, despite facing challenges caused by Covid and vehicle shortages.
By Greg Wright
Published 7th Jan 2022, 07:53 BST
Updated 7th Jan 2022, 07:56 BST

Lookers, which is one of the largest UK-based motor retail and aftersales service groups, has announced a trading update for the financial year to 31 December 2021.

In a statement, Lookers said trading in the fourth quarter remained strong and above the board's expectations, principally driven by excellent new and used vehicle margins, a continued focus on tight cost control and like-for-like growth in aftersales revenue

Hide Ad
Hide Ad

Mark Raban, the chief executive, said: "2021 was an exceptional year for Lookers and we now expect to beat our previous estimates with record profit for the year.

Lookers, which is one of the largest UK-based motor retail and aftersales service groups, has announced a trading update for the City.Lookers, which is one of the largest UK-based motor retail and aftersales service groups, has announced a trading update for the City.
Lookers, which is one of the largest UK-based motor retail and aftersales service groups, has announced a trading update for the City.

"This is a great achievement by the whole team in a year which brought many external challenges, including Covid and vehicle shortages, demonstrating the strength of our proposition. With net cash at the year end, we have a strong balance sheet and good capacity to invest in future growth opportunities.

"There are many structural changes which are creating opportunities in our market including evolving consumer behaviour, electrification, and changing relationships with our brand partners.

Read More
Life sciences business OptiBiotix Health takes steps to incentivise and retain s...

"The board and executive have been refreshed and we are well progressed with a major review both to improve our operational performance and to future proof our revenue streams through a number of strategic growth opportunities."