Lookers & Marshall reveal full-year results
Profits up at Marshall
Underlying pre-tax profits at Marshall Motor Holdings were up 1.2% in 2018 to £25.7 million, with like-for-like revenue also up 1.2% at £2.13 billion against £2.11bn in 2017.
However, the final revenue figure was down 2% to £2.19bn (2017: £2.32bn) but the final pre-tax profit figure was up 48.4% to £18.7m (2017: £12.6m).
Commenting on the results, chief executive, Daksh Gupta said: “Despite challenging new and used car markets, the group performed strongly, exceeding last year’s record result at continuing underlying PBT level with overall like-for-like revenue growth.
“In light of the group’s strong financial position and confidence in its long-term prospects, we are pleased to announce a change to our dividend policy and a 33.4% increase in our full year dividend to 8.54p per share.”
Profits slip at Lookers
Lookers has reported a 9% decline in pre-tax profits in its full-year results for 2018. Profits finished the year at £53.1 million compared with £58.4m in 2017.
The drop comes despite a 4% increase in turnover for the group to finish 2018 at £4.88bn, in 2017 the group had a revenue figure of £4.70bn.
Lookers chief executive Andy Bruce said: “We have produced a resilient set of results against a backdrop of more challenging conditions in the motor sector, increasing sales and maintaining profitability. In particular, growth in our used car and aftersales divisions has helped to offset the impact of a more muted new car market, demonstrating the resilience of our business model.
“The order book for new cars in the important month of March is in line with our expectations and we expect to make further progress in used cars and aftersales. We remain mindful of a prolonged period of political and economic uncertainty, but we believe we are well positioned to strengthen our position to deliver growth and enhance shareholder value over the medium to long term.”