Lookers car group back in profit
Car dealerships group Lookers returned to pre-tax profit in 2020 despite a big drop in sales.
It says the full year outlook for 2021 is ahead of current expectations.
Revenue for last year was down 23% from £4.8 billion in 2019 to 3.7bn due to lockdowns and trading restrictions throughout the year.
The pre-tax profit figure of £2 million followed a loss of £45.7m a year before.
Lookers, which has sites in the Black Country, Shropshire and Staffordshire, outperformed the UK retail new car market and saw resilient trading in used cars and aftersales.
Significant restructuring activity was completed, reducing headcount, strengthening the group's operating model and materially reducing the cost base.
It is on track to deliver annualised savings of approximately £50m.
Chief executive Mark Raban said: "2020 was a challenging year for the group dealing with both the impact of Covid-19 and the group's legacy issues.
"We are emerging from this period operationally, financially and culturally as a better business, focused on putting the customer at the centre of everything we do.
"We expect to build on the strong momentum within the business, underpinned by our excellent manufacturer relationships, omni-channel technology platform and fantastic Lookers colleagues. We are now in a great position to benefit from the many growth opportunities available for the business."
