Lookers pre-tax profits up 6% to £62.8m 09 | 03 | 2016

LOOKERS, WHICH OWNS Taggarts and the former Lomond Audi group in Scotland, again set new records as it saw its pre-tax profits increase by 6% to £62.8m on turnover up 20% to £3.65bn. The details were announced in Lookers' 2015 financial figures released today.

The group, led by Scots chief executive Andy Bruce (pictured), saw an increase of 11% on new car turnover, compared with 2014, aided by a move into the fleet sector where it had not previously been represented. Gross profit from new cars increased 12% year-on-year.

In used cars, Lookers posted a 7% increase over its 2014 figures, with gross profit also up by 7%. The company expects further growth in its used car business this year as it builds on a growing number of leads generated by its upgraded website. The past 12 months saw web-based leads increase by 67%.

“We have delivered another strong trading performance in 2015, our seventh consecutive year of increased profits, which provides further evidence that our business model is both resilient and expansive through the cycle," Bruce said.

“Our motor division and our parts divisions also produced excellent results, showing the diversity and strength of our operations.

“Our strategy is to: have the right brands, the right locations and excellent execution. By implementing this, we are ideally placed to take advantage of growth prospects across all areas of the business as well as consolidation opportunities in the sector, not least because businesses of scale will be the winners in our sector. This gives us confidence that we will deliver another improved performance in 2016.”

Related: Audi reveals new SQ7

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Jim McGill