Good morning, it's Paul here with Friday's SCVR.

I'm writing this from a gently swaying yacht, moored in a marina on the outskirts of Valletta, Malta, which I've rented for 3 days via AirBnB. It sounds very grand, but is only costing 100 Euros per day, I'll post a picture or two later on Friday. It's amazing the quirky things you can find on AirBnB. The great thing about shares analysis & investing, is that all you need is a laptop and wifi, and you can work literally anywhere on earth.

Estimated time of completion - it's Friday, and I'm sort-of on holiday, so let's see how we get on. I should have something decent up by 1pm, but reserve the right to add more sections in the afternoon if anything interesting crops up on the RNS. Update at 09:28 - not much to report on today, so this should definitely be done by 1pm. Update at 13:03 - today's report is now finished.

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Lookers (LON:LOOK)

Share price: 42.7p (down 14% today, at 09:30)
No. shares: 389.2m
Market cap: £166.2m

Trading Update & Board Changes

Lookers plc, ("Lookers" or "the Group"), one of the leading UK motor retail and aftersales service groups, issues its trading update for the period ended 30 September 2019 ("Q3" or "the Period").

Note that the company has a 31 Dec year end, so this is Q3, not a full year.

Trading has deteriorated further;

As reported in the Group's interim results statement trading during the six months ended 30 June 2019 ("H1" or "first half") was challenging. This was driven by ongoing weakness in consumer confidence in the light of political and economic uncertainty, pressure on used car margins and retail cost inflation. The Board expected these conditions to continue to impact the Group during the second half, but trading, particularly over recent weeks since mid-September, has been much more challenging than expected.

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Car dealers have 3 profit generators - new cars, used cars, and after-sales (servicing & warranty/recalls)

New cars - OK up to mid-Sept. "Much weaker than expected" in 2nd half of Sept (a key month for profits). Also experienced margin pressure. Total profits £7m below last year, for Q3.

Used cars - Sounds OK. LFL unit sales accelerated slightly to +2.6% y-on-y, from +2.0% in H1. Gross margins improved on H1, not quantified, so…

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