Second-hand car seller Lookers said it has maintained “strong momentum” in the first half of 2022, after its pre-tax profits dropped 10.5 per cent compared to the record performance last year.
The Greater Manchester car dealership posted pre-tax profits of £45m for the first half of 2022, compared to “record” pre-tax profits of £50.3m in the first half of 2021.
The results come as global shortages and supply chain disruption wreaked havoc on the UK’s car market.
The disruption led to Lookers selling fewer cars whilst also achieving higher margins as new and used vehicle prices were bolstered by short supplies.
The firm also said its performance had been bolstered by its “relentless focus on operational optimization” which helped the firm offset inflationary pressures, including higher staff salaries.
“Following a record year in 2021 we have maintained strong trading momentum whilst continuing to make progress with our key strategic initiatives,” Lookers chief executive Mark Raban said.