Lookers is keeping sharply focussed and optimistic as it reports that “significant inflationary pressures” are affecting the car retail sector’s performance.
In its H1 trading update, Lookers showed that its pre-tax profits were expected to drop around 10% – from just above £50m to around £45m – on 2021’s H1 where Covid lockdowns struck again and again at dealerships’ ability to perform.
Chief exec Mark Raban said: “Following a record year in 2021 we have maintained strong trading momentum whilst continuing to make progress with our key strategic initiatives.
“I would like to thank all my Lookers colleagues, our customers and our brand partners for their patience and understanding during these uncertain trading conditions.
“There is no doubt that challenges lie ahead but with continued operational optimisation Lookers is extremely well positioned to continue to maximise its multiple growth opportunities.”