Lookers first-half profits dip in 'challenging' environment

(Sharecast News) - Car dealership Lookers posted a dip in first-half profit on Tuesday as it highlighted a "challenging" trading environment. In the six months to 30 June, underlying pre-tax profit edged down to £46.1m from £47.2m in the same period a year earlier, while revenue rose 8% to £2.42bn. Lookers said all revenue streams delivered growth and reflected improved vehicle supply.

Last month, Lookers agreed to be taken over by Canadian car dealership Alpha Auto Group in a £504.2m deal.

Chief executive Mark Raban said: "Against significant macroeconomic headwinds the group has once again delivered a good trading performance. I would like to thank the entire Lookers team for their amazing contribution and dedication to the company.

"The board unanimously recommends the cash offer for Lookers by Global Auto Holdings Limited at 130p per share, which represents a premium of approximately 61%. The board believes that the offer is in the best interests of all shareholders and provides an opportunity to crystallise, in cash, the value of their investments."