Demand for spare parts lifts car dealer Lookers to record figures
Higher demand for spare parts has helped car dealership Lookers to post a record trading performance, according to new figures.
The Manchester-based firm said first-half profits at its parts distribution arm, including FPS, jumped by 21 per cent to ?5.2million as more motorists opt to keep their vehicles on the road in the current economic conditions.
In the six months to June 30, group profits came in at ?22.7 million, a 29 per cent increase compared to last year’s ?17.6million. Turnover was also up 13 per cent to ?988.3million.
Full throttle: Car dealership Lookers has posted record half-year figures
Lookers said the UK new car market had shown strong signs ofimprovement with registrations jumping by 20 per cent to 1.1million inthe period.
New car sales on a like-for-like basis increased by 26 per cent to32,469, including cars sold under the government scrappage scheme, butused car sales declined by 6 per cent.
Profits at the group’s motor division, which consists of 122franchise dealerships, increased to ?18.5million from ?15.3million the year before.
Lookers said the upbeat figures came despite the challenging tradingconditions and the end of the government’s scrappage scheme.
It added that the strength of the parts division would help thecompany mitigate the financial impact of the difficult trading conditionsin the market.
<a href="http://www.dailymail.co.uk/money/article-1304101/Demand-spare-parts-lifts-car-dealer-Lookers-record-figures.html?ito=feeds-newsxmltag:news.google.com,2005:cluster=http://www.dailymail.co.uk/money/article-1304101/Demand-spare-parts-lifts-car-dealer-Lookers-record-figures.html?ito=feeds-newsxmlWed, 18 Aug 2010 11:19:30 GMT 00:00″>Demand for spare parts lifts car dealer Lookers to record figures
