Lookers’ pre-tax profit took a humungous 558% rise to more than £90m last year – thank goodness for that incredible demand for used cars!
For the year ended December 31, 2021, Lookers also recorded a rise of over 9% in turnover, to an astonishing £4.05bn.
No wonder chief exec, Mark Raban, is feeling positive: “2021 was a record year for Lookers. We navigated another year of limited new vehicle supply and Covid-19 disruption.
“We have reported excellent profits and cash generation, through strong used car margins, continued focus on costs and the unstinting efforts of our people.
“We have successfully moved back to a net funds position in the business and have a strong balance sheet, underpinned by our property assets, supporting our investment capacity to grow the business.”
But he also struck a cautious note: ‘The business and our customers face some uncertainties in 2022. New vehicle supply remains very tight. The current crisis in Ukraine and significant cost of living increases will put pressure on consumer sentiment and disposable incomes.”