Lookers posts record first half profit after ‘exceptionally strong’ trading
Used car dealership Lookers said that it would look to reinstate dividend payouts “as soon as possible” after an “exceptionally strong” performance in the first half of the year.
The London-listed firm said it had swung back into the black after last year’s £36m first half loss, posting a record £50.3m profit.
It added that revenue had risen a third, topping £2bn, amid the surge in demand for used cars due to the global shortage of computer chips key to building new vehicles.
As a result of its performance Lookers said it would pay back the £41.m it received in furlough assistance in full.
Chief executive Mark Raban said: “We have delivered a record performance in H1 despite significant COVID-19 related disruption. Demand has continued to be strong as we see a sustained preference for car-based travel amongst consumers.”
He added that Lookers was ready to take advantage in the growth in demand for electric vehicles.
Today the firm also announced that it had completed its board restructuring programme with the appointments Ian Bull as non-executive chairman and Oliver Laird as finance chief.
The new roles mean that Lookers has now had a near-total revamp after the turbulence of 2020, which saw its shares at one point suspended due to a failure to produce accounts on time.
The problems stemmed from the discovery of a £19m hole in a past set of accounts, which led to the Financial Conduct Authority (FCA) launching a probe into the firm.