Record profits are expected to be reported by car retail giant Lookers after it branded 2021 as an "exceptional year".
The Altrincham-headquartered company said it will post record underlying pre-tax profits ahead of the company compiled market consensus of £82m for the 12 months to December 31, 2021.
The update comes after the business launched a "comprehensive review" in October which is due to provide an update alongside its full-year results in April.
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Lookers said the review is looking at operational optimisation, investment in technology and digitisation, expanding OEM relationships, increasing used vehicle penetration, developing aftersales revenue streams and leveraging corporate leasing and fleet capabilities.
Chief executive Mark Raban said: "2021 was an exceptional year for Lookers and we now expect to beat our previous estimates with record profit for the year.
"This is a great achievement by the whole team in a year which brought many external challenges, including Covid and vehicle shortages, demonstrating the strength of our proposition.
"With net cash at the year end, we have a strong balance sheet and good capacity to invest in future growth opportunities.
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"There are many structural changes which are creating opportunities in our market including evolving consumer behaviour, electrification, and changing relationships with our brand partners.
"The board and executive have been refreshed and we are well progressed with a major review both to improve our operational performance and to future proof our revenue streams through a number of strategic growth opportunities.
"We have outlined our main areas of focus in our update today and are excited about our ambition and aspiration to become the 海角视频's leading integrated automotive retail and services group."
Lookers also confirmed that it has now "voluntarily undertaken" to repay in full £1.9m of non-essential retail sector Covid-19 grants. The cash repayments will be made in 2022.
The move comes after the business fully repaid £4.1m of Coronavirus Job Retention Scheme receipts relating to 2021.
On its future outlook, Lookers added: "The group has had an exceptional year in 2021 and is starting 2022 with an excellent new car order bank.
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"However, given ongoing global supply chain disruptions, uncertainty as to the availability of new vehicles and the sustainability of used car margins at current levels, the board believes it is right to remain cautious.
"The board is also conscious of general inflationary pressures and increased utilities costs, and is managing these risks through a continued focus on working capital management and tight cost control.
"The board is confident that the group remains well positioned to capitalise on the opportunities ahead and achieve its financial expectations."