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Looking better
Car dealership Lookers (LOOK) has reported a 2 per cent increase in new car sales despite the 'difficult trading conditions' in the industry.
The FTSE Small Cap constituent has issued a trading update for the period from 1 July to 27 October, declaring the 2 per cent rise in new car sales and noting that the UK market as a whole has reported a 5 per cent decline over the nine months to September. Lookers reports a 10 per cent fall in new car retail sales on a year-on-year basis, while fleet sales soared 30 per cent, a performance the company described as being 'significantly ahead' of the market as a whole.
Lookers says used car sales have been 'affected by weaker consumer demand' and were 'slightly lower than last year', while aftersales revenue (including the sale of products such as extended warranties, in car entertainment, etc) 'remained in line' with the prior year's results. The company says its parts division has continued 'to perform well' despite the 'reduced turnover with two large customers'.
Lookers remarks that both the 'new and used car markets continue to be affected by uncertain economic conditions' but that its 'aftersales bias' and 'strong performance over the last two years' demonstrate its ability 'to perform well in a difficult market'.
Analysts at Panmure Gordon are forecasting earnings of 6.04p and 6.06p a share for 2011 and 2012, respectively.
Shares in Lookers have slipped to 53.75p from a 2011 high of 72.75p. The latest update reveals a mixed picture in which a weakening used and new car market is offset by strong demand from fleet buyers, which is helping to bolster sales across the British car industry as a whole. However, it is uncertain this continued momentum in fleet sales can continue forever with the economic challenges facing the UK likely to lead to further pressures on car retailers. We would recommend reducing any holdings in Lookers for now. Reduce.
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