Car dealer Lookers expects 2010 results to be near top end of expectations

Article by Christian A., on January 19, 2011

British car dealer Lookers anticipates that full-year results will approach the top end of market expectations due to better trading during the fourth quarter and also as the performance of its car parts business continues to be strong.

Looker's shares, which have gained about 20% in the last 12 months, rose almost 5% at 65 pence at 09:00 GMT on Friday on the London Stock Exchange.

In addition, the 124-outlet firm, which sells cars from carmakers including Ford, Vauxhall, Nissan and Toyota, also predicts full-year results ahead of its own expectations.

On average, analysts expect a pretax profit of 32.9 million pounds ($52.10 million) on revenue of $1.84 billion for 2010, according to Thomson Reuters. Last Friday, Brokerage Panmure Gordon raised the price target on the company's stock to 80 pence from 70 pence.

Analysts Mike Allen and Paul Jones sent a note to clients, saying that Lookers is more defensive than its peers because of its above average exposure to parts and aftersales, which is why they expect it to “fare relatively well if trading conditions did get more difficult."

Lookers’ motor division also performed strongly, with higher sales of new and used cars. Lookers’ competitors include Inchcape and Pendragon,

Topics: uk

If you liked the article, share on:

Pin It

Comments

Recommended

Top Gear has revealed that for its “Stars in a Reasonably Fast Car” segment, it will now be using a slightly enhanced Toyota GT86, which in the U.S. market is...
by - March 24, 2017
Porsche is laying aside any plans of pushing another hybrid hypercar into their line-up -- at least not at this time. Oliver Blume, Porsche Global Chief confirmed in a recent...
by - March 24, 2017
Since 1993, Lexus has produced 4 generations of the Lexus GS, with the GS F amongst its newest member of the family. Unfortunately, rumors are also heating up that the...
by - March 24, 2017
In a leaked image following a presentation held in China, we learned that Czech automobile manufacturer Skoda will soon unveil 2 more new SUVs in China, resulting in a four-model...
by - March 24, 2017
McLaren is said to be designing the next generation of Sports Series, which could include a V6 hybrid among its powertrain options. It was earlier reported that the British automaker...
by - March 24, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries