Lookers (LON:LOOK) has an enviable record; despite new car registrations showing little change over the 12 years since 2003, the group has delivered consistent growth, increasing EPS by 188% from 5.17p in 2003 to 14.88p in 2015. Investment has continued, lifting the future profits potential. We believe that the group’s impressive record still has some considerable way to go.
Seventh successive year
Lookers has delivered its seventh successive year of record pre-tax profits. While trading conditions remained relatively benign, the group delivered underlying pre-tax profits of £72.1m, 11% ahead of the £65.0m of the previous year and slightly ahead of our £71.0m estimate. The group defied increasing margin pressures and sustained its positive investment programme in its online presence and improved the facilities across its franchise network. The group also completed and integrated the £87.5m acquisition of the Benfield Motor Group, the largest deal in its history.
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