AGM Statement

Lookers PLC
9 May 2002

                                                                    9th May 2002
                                  LOOKERS PLC

                                 AGM STATEMENT


At today's Annual General Meeting of Lookers plc, Fred Maguire, Chairman, made
the following statement :-


'Earlier this year I was delighted to be able to announce a record performance
for the company during 2001 with turnover and profit growth well ahead of a
buoyant UK motor retail market.


'Turnover increased by 23% to £718 million and operating profit was up 36% to
£14.7 million. Like-for-like new car sales increased ahead of the market and our
aftersales operating profit increased by over 40%.


'I am pleased to say the market continues to be buoyant. For the industry as a
whole, the new car market was up by 7.1% in the first quarter - that includes
the key month of March, when sales were 3.8% ahead of last year to hit record
levels.


'Our own new car sales in the first quarter are up by 16.2%, while used car
sales are up 6%. Our Charles Hurst operations in Northern Ireland continue to
perform well with results slightly ahead of last year and a very good
performance has been achieved by our Honda dealerships acquired in the middle of
last year.


'At the beginning of this year the company disposed of its successful
Mercedes-Benz dealership in Southend. Profit arising from this transaction,
together with trading profits for the first quarter results in the profit before
taxation for the first three months being well ahead of the record results
achieved in the same period last year.


'Meanwhile, the company continues to seize new opportunities. Since the year-end
we have acquired the Birmingham market area for Vauxhall and completed the
Liverpool market area - giving Lookers complete control of Vauxhall sales and
service in these two important cities.


'We are continuing to develop our internet business with the launch of '
look4cardeals.com'.


'The company continues to explore acquisition opportunities together with our
preferred franchise partners and we are currently evaluating new market areas
with prestige franchises.


'Last year was a record for car registrations with a total of 2.46 million
units. To date, the car market is running ahead of last year and early
indications suggest the market for the whole year will be at a high level. The
Board therefore expects a strong performance for the year as a whole.'



Enquiries


Fred Maguire, Executive Chairman

Allan Marston, Finance Director

Telephone:  [phone]



Andrew Hayes, Hudson Sandler

Telephone:  [phone]



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