Lookers - Strong performance continued through Q321
Lookers upgraded its FY21 profit expectations following a continued strong Q321 financial performance in positive but increasingly challenging conditions. Margin attainment is excellent, offsetting lower volumes in both new and used segments with high-margin aftersales remaining robust. The positive effect on cash flow is reflected in adjusted net cash (excluding leases) of c £30m at Q321. We upgrade our FY21 PBT and EPS by 35% and 34%, respectively, to reflect the exceptional trading. While FY22 is likely to see more normal levels of profitability as supply issues are resolved, we have modestly increased our PBT expectations by 1%.Lookers is a motor retail and aftersales groups in the U.K. Co. is engaged in the sale, hire and maintenance of motor vehicles and motorcycles, including the sale of tyres, oil, parts and accessories. Co. sells new and used cars and light commercial vehicles. Co.'s operations are across the U.K. and Ireland. Co. has one division, motor division. As of Dec 31 2016, the motor division consisted of 160 franchised dealerships representing 33 marques from 102 locations. The business is engaged in the sale of new and used cars, vans and aftersales activities. Aftersales represents the servicing, repair and sale of franchised parts to customers' vehicles.
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