Lookers FY22 Profit Rises, Updates FY23 Underlying PBT View; Stock Up

Shares of Lookers plc (LOOK.L, LKKRF) were gaining around 3 percent in the morning trading in London after the automotive retail and service group on Wednesday reported higher profit after tax in its fiscal 2022 with strong revenue growth. Pre-tax profit for fiscal 2022, however, was lower than last year. Looking ahead, the company said it now expects fiscal 2023 underlying profit before tax ahead of its previous expectations.

For fiscal 2022, profit before tax fell to 84.4 million pounds from last year’s 90.0 million pounds.

Profit attributable to shareholders of the Company grew to 73.9 million pounds from 61.2 million pounds last year. Basic earnings per share were 18.87 pence, up from 15.65 pence a year ago.

Underlying profit before tax was 82.7 million pounds, compared to 90.1 million pounds last year. Underlying basic earnings per share were 18.21 pence, compared to 20.07 pence in the prior year.

Revenue grew to 4.30 billion pounds from 4.05 billion pounds a year ago, reflecting strong trading across all divisions despite supply restrictions and logistics disruption.

Further, the Board is proposing a final dividend of 2.0 pence per share, down from last year’s 2.5 pence per share. The full year dividend will be up 20 percent than last year.

The final dividend will be paid on June 16 to shareholders on the register at close of business on May 10.

Looking ahead, Mark Raban, Chief Executive Officer, said, “We remain mindful of pressures faced by the consumer and on discretionary spending. However, we are confident in our proposition, our balance sheet and strategic focus, with significant opportunities ahead. With good momentum across the business, we have continued to trade strongly in Q1 2023, and the Board’s outlook for underlying PBT for the current financial year is now ahead of its previous expectations.”

In London, Lookers shares were trading at 87.31 pence, up 2.72 percent.

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