Sales improve for car dealerships group
Sales grew but profits were down for car dealerships group Lookers last year.
The group includes Mercedez-Benz dealerships in Shrewsbury, Stourbridge, Walsall and Wolverhampton, and BMW in Stafford.
Revenue in 2022 was £4.3 billion, up from £4.05bn in 2021.
Pre-tax profit fell from £90 million to £84.4m, but it now expects its underlying pre-tax profits for this year to be ahead of its previous forecasts due to strong growth momentum.
Chief executive Mark Raben said: "I am delighted to report another excellent performance achieved against a backdrop of material supply disruption, inflation and rising interest rates. It makes me immensely proud of the Lookers team and the progress we are making together.
"We have strong momentum in the execution of our strategic priorities. Our operational optimisation agenda remains the cornerstone of our strategy and we have made demonstrable progress on our self-help initiatives.
"In addition, I am particularly pleased to see the expansion of our offerings through partnerships with a number of exciting new brands and the addition of incremental revenue streams including cosmetic repairs.
"We remain mindful of pressures faced by the consumer and on discretionary spending. "However, we are confident in our proposition, our balance sheet and strategic focus, with significant opportunities ahead."
