StockMarketWire.com - UK motor retail and aftersales service group Lookers said performance in the first quarter was 'positive' amid continued 'strong' momentum in its used car and aftersales businesses.

In the three months to 31 March, turnover of new cars increased by 3%, ahead of the total market reduction of 2.4%, the company said. The total gross profit from new cars increased by 4% with a modest increase in profit per unit.

On a like for like basis, both turnover and gross profit were roughly flat for the quarter, compared with the last year.

Better performance was seen in the used car segment, with turnover of used cars increasing by 8% and gross profit rising 2% for the quarter, compared to the prior year. On a like for like basis, turnover increased by 6% and gross profit increased by 1%, the company added.

Its aftersales business saw turnover of rise 11% for the quarter, from a year earlier and gross profit increased by 9% at a slightly lower margin. On a like for like basis, turnover increased by 9% and gross profit increased by 6%.

'The financial performance of the Group in the period demonstrates the effectiveness of our strategy of having the right brands in the right locations and the trading performance since March has been satisfactory in the light of current trading conditions,' the company said.

At 8:56am: [LON:LOOK] Lookers PLC share price was +0.3p at 86.1p



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