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Lookers shares drive higher as car dealer upgrades profit guidance

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Car dealership Lookers this morning said that it was expecting a full year profit of £10m for 2020, beating analyst expectations of a small loss.
Lookers had a difficult 2020, but the car dealer thinks the first half of 2021 has gone much better

Shares in car dealership chain Lookers jumped eight per cent this morning after the company told investors it was expecting a higher full year profit.

Lookers said in a first half trading update that underlying profit before tax in six months to 30 June is now expected to be approximately £50m, compared to a £36.1m underlying loss last year.

Shares are currently trading up 8.3 per cent at 73p per share.

The motor retailer said it was outperforming the new car sales market, with unit sales up 45 per cent on this time last year, compared to total new car registrations which the SMMT calculated as rising 38 per cent.