Lookers PLC
18 May 2007
18 May 2007
LOOKERS plc
AGM STATEMENT
At today's Annual General Meeting of Lookers plc, Chairman Phil White will make
the following statement:
'I am pleased to report that your Company continues to make strong progress.
Through our proven successful strategy, we remain dedicated to expanding our
complementary business streams through both organic growth and strategic
acquisitions.
Our franchise dealer network has seen a good start to the year with like for
like sales ahead of the new car market and is performing in line with our
expectations. Our de-centralised management structure and close manufacturer
relationships continue to enable us to deliver superior returns across the
franchises we operate. We continue to see the benefits from our largely
completed refurbishment programme across a number of our outlets. The
acquisitions made last year from HR Owen have been fully integrated, expanding
our presence in the South of England, strengthening our mix of volume and
prestige brands and are performing in line with expectations.
Our aftersales division continues to go from strength to strength with our new
FPS distribution facility in Sheffield providing a strong platform to support
further sales growth. To further strengthen this increasingly important part of
our business, FPS yesterday completed the acquisition of the entire share
capital of BTN Turbo Charger Service Limited for £3million in cash. A further
maximum of £1million will become payable dependent upon the profit achieved in
the twelve months to 30 June 2007.
This acquisition broadens our offering in the growing parts distribution
aftermarket, particularly in such a fast growing sector as turbochargers and
will be an important contributor to the expansion of our parts distribution
operation.
Our continued success is testament to the effectiveness of our strategy and the
dedication of the management and colleagues across our business. The year has
started well against strong comparatives for the first quarter last year and is
in line with the Board's expectations.
We remain confident in the outlook for 2007.
Enquiries:
Lookers plc Telephone: 0161 291 0043
Ken Surgenor, Chief Executive
David Dyson, Finance Director
Hudson Sandler Telephone: 020 7796 4133
Andrew Hayes/Nick Lyon/Kate Hough
This information is provided by RNS
The company news service from the London Stock Exchange
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