Lookers sees good car sales

City A.M. Reporter
CAR DEALERSHIP chain Lookers yesterday posted a 12.4 per cent rise in full-year profit, helped by growing new car sales in Britain, the only bright spot in Europe’s vehicle industry.

The company reported a 2012 pre-tax profit of £35.3m on revenues 8.4 per cent up at £2.06bn.

New and used car sales grew 12 per cent during the year, though revenues at its parts division were flat as Britons curbed non-essential spending on car repairs.

European car sales slumped to a 17-year low in 2012 with only Britain bucking the trend with 5.3 per cent growth.

Shares in Lookers closed up 6.8 per cent at 90.5p yesterday.