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PRIVACY
Retail & Consumer

Lookers revenues plummet by over 拢1bn but profits rise after 'challenging' year

A strong performance in the second half helped the Greater Manchester-headquartered firm

Lookers delays publication of annual results as accounts probe widens

Car retail giant Lookers has reported revenues dropped by over £1bn in 2020 after finally releasing its annual financial results.

The Greater Manchester-headquartered giant said on Monday its revenue figure stood at £3.7bn for the year ended December 31, 2020 - down from 2019's £4.8bn.

The Altrincham firm said the business was hit by lockdown and trading restrictions throughout the "challenging" year.

Profit before tax rose however, up to £14.1m from 2019's £4m, with Lookers citing a "strong performance" in the second half of the year - "more than offsetting" the first.

Chief executive Mark Raban said: "2020 was a challenging year for the Group dealing with both the impact of Covid-19 and the group's legacy issues.

"We are emerging from this period operationally, financially and culturally as a better business, focused on putting the customer at the centre of everything we do.

"We expect to build on the strong momentum within the business, underpinned by our excellent manufacturer relationships, omni-channel technology platform and fantastic Lookers colleagues. We are now in a great position to benefit from the many growth opportunities available for the business."

The firm added that it had seen "resilient trading" in used cars and aftersales.