Car dealership giant Lookers has upped its profit expectations for 2023 after reporting a surge in sales for its latest financial year.
The Greater Manchester-headquartered group has posted a revenue of £4.3bn for 2022, up from £4.05bn in 2021.
It also confirmed that it now expects its underlying pre-tax profits for this year to be ahead of its previous forecasts despite "continued trading headwinds including economic uncertainty, inflationary pressure and both supply and logistics disruption".
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The group has also reported a dip in its pre-tax profits from £90m to £84.4m over the same period.
Chief executive Mark Raben said: "I am delighted to report another excellent performance achieved against a backdrop of material supply disruption, inflation and rising interest rates.
"It makes me immensely proud of the Lookers team and the progress we are making together.
"We have strong momentum in the execution of our strategic priorities.
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"Our operational optimisation agenda remains the cornerstone of our strategy and we have made demonstrable progress on our self-help initiatives.
"In addition, I am particularly pleased to see the expansion of our offerings through partnerships with a number of exciting new brands and the addition of incremental revenue streams including cosmetic repairs.
"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."
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