UK car dealership Lookers says first-half trading resilient (updated)
22/08/2023 07:52
(Adds details of deal in paragraph 2 and new vehicle sales in
paragraph 4)
Aug 22 (Reuters) - British car dealership Lookers Plc
LOOK.L , a takeover target for Global Auto Holdings, said on
Tuesday the group witnessed resilient first-half trading despite
macroeconomic challenges.
Lookers, which sells new and used cars and vans and also
offers after-sales services, had agreed last month to a
sweetened buyout offer of 504.2 million pounds ($645 million) by
Global Auto, the entity related to privately owned Canadian car
dealer network Alpha Auto Group, pending shareholder approval.
Lookers said its half-yearly revenue grew 8% to 2.42 billion
pounds in the six-month period ended June 30, while underlying
pre-tax profit slipped 2.3% to 46.1 million pounds.
Sale of new vehicles represented 41% of total revenue during
the reported period, while like-for-like total car unit sales
volume jumped 8.5%, the group said.
($1 = 0.7817 pounds)
(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by
Sherry Jacob-Phillips)
((abyjose.koilparambil@thomsonreuters.com; +917483275231;))