StockMarketWire.com - UK motor retailer Lookers said Wednesday profits slipped by almost a tenth as falling new car sales weighed on revenue.

For the year ended 31 December 2018, pre-tax profits fell 9% to £53.1m and revenue increased 4% to £4.88bn.

Growth in its used car and aftersales divisions had helped to offset the impact of a more muted new car market, the company said.

Total new car turnover was down 3.3% and 3.0% on a like-for-like basis, while total used car turnover was up 14% and the same on a like-for-like basis.

Aftersales turnover, meanwhile, rose 6% on an absolute basis and 7% on a like-for-like basis.

The company said it had made 'good' start to 2019 as order book for the delivery of new cars in March continued to build in line with its expectations. Used car volumes continued to show growth and further opportunities in aftersales, the company added.

'The order book for new cars in the important month of March is in line with our expectations and we expect to make further progress in used cars and aftersales. We remain mindful of a prolonged period of political and economic uncertainty, but we believe we are well positioned to strengthen our position to deliver growth and enhance shareholder value over the medium to long term,' said Andy Bruce, Chief Executive of Lookers.


At 8:50am: [LON:LOOK] Lookers PLC share price was -3.9p at 98.1p



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