Car dealer Lookers sees sales soar following April reopening
Car dealership Lookers this morning said sales had soared since the reopening of non-essential retail last month.
The firm said that trading across the group has been strong since 12 April, benefitting from increased consumer demand and cost reduction initiatives.
Sales for new retail units in the four months to 30 April shot up 33 per cent compared to the previous year, while sales for new fleet units rose by 21 per cent.
Lookers said that it now expects underlying pre-tax profit for 2021 to “comfortably exceed” current market consensus.
Following the trading update, shares in Lookers rose seven per cent as markets opened.
The group also announced that it had reached an agreement to renew its existing bank facility.
The revolving credit will now run until September 2023 and is for an initial amount of £150m.
Mark Raban, CEO of Lookers, said that the trading momentum shown in the last month was “encouraging”.
“The steps we have taken to evolve and enhance our digital offer are being well received and we have a number of further developments in the pipeline.
“We are pleased to have renewed our banking facility and thank our banking partners for their continued support.”