Key Highlights :
1. Lookers sees average selling prices for new cars rise by nearly 13% last year.
2. This performance was primarily driven by new and used vehicle 'market outperformance and cost control'.
3. Directors at Lookers proposed a final dividend of 2p per share, representing a 20 per cent increase compared to 2021.
4. The group had a net cash stash of £66.5million and a property portfolio with a net book value of £290.5million at the end of the year.
5. Looking ahead, Lookers reported an 'excellent start' to the first quarter, with underlying profit before tax ahead of 2022.
6. The group said it stood ready to make acquisitions in a bid to bolster its portfolio.
7. It is also ploughing ahead with plans to develop a new used car 'destination centre' called Lookers Car Hub.
8. The standalone multi-franchise used car offering is expected to open in Middlesbrough during the final quarter of this year.
9. Lookers also said it had continued to generate cash in the last few months, with net cash of £93million as at 31 March.
10. But, the board said it remained mindful of ongoing trading headwinds, including economic uncertainty, inflationary pressure, and both supply and logistics woes.
11. Despite those challenges, board expectations for underlying profit before tax for 2023 are now ahead of its previous forecasts.
12. 'I am delighted to report another excellent performance achieved against a backdrop of material supply disruption, inflation and rising interest rates,' chief executive Mark Raban said.
13. 'We remain mindful of pressures faced by the consumer and on discretionary spending.'
14. The group's share price rose today and was up 1.88 per cent or 1.60p to 86.60p this afternoon, having fallen around 9 per cent in the last year.
15. UK new car sales rose over 18% in March.
16. Battery electric vehicle (BEV) deliveries reached a record monthly high of 46,626, representing growth of 18.6 per cent, the figures show.
17. Mike Hawes, SMMT Chief Executive, said: 'March’s new plate month usually sets the tone for the year so this performance will give the industry and consumers greater confidence.
18. 'With eight consecutive months of growth, the automotive industry is recovering, bucking wider trends and supporting economic growth.'
While group revenues increased amid higher new vehicle costs for motorists, Lookers revealed it sold 5.8 per cent fewer new and used cars over the period compared to the previous year. The company attributed this decline in sales to increased competition from other automotive retailers, as well as the weak Canadian dollar. The company also noted that it had seen a decline in the average sale price of its vehicles.
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