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Lookers sees profit 'materially ahead' of market expectations following strong Q1

By BFN News | 09:08 AM | Thursday 08 April, 2021


Motor retail and aftersales service Lookers said it expected profit to be materially ahead of market expectations after first-quarter results topped its expectations on increased demand from digital channels. For the three-month period ended 31 March 2021, the company sold 44,000 new and used vehicles, down 49,000 from last year. The sales, combined with the aftersales performance and strong control of costs, has led to Q1 performance that topped its expectations, the company said. The company said its flat like-for-like unit sales, achieving a market share of circa 7%, was 'significantly' ahead of the UK retail market, in which sales were down 12% in the first quarter. Like-for-like used unit sales were 6% down in the quarter on last year. While company said it remained cautious about the outlook for the remainder of the year, its expectation for underlying pre-tax profit for the full year ended 31 December 2021 is 'now materially ahead of the current analyst consensus [of £22.6m].' Story provided by StockMarketWire.com

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