November 9, 2017 / 7:10 AM / in a year

BRIEF-Car dealership Lookers says it will meet expectations despite cooling UK market

Nov 9 (Reuters) - Lookers Plc

* ‍new car market represents 35% of gross profit for group.​

* ‍industry forecasts by society of motor manufacturers & traders (smmt) for full year are now at 2.57m, a reduction of 4.7% compared to last year, although this remains historically a very high level of registrations.​

* ‍we are pleased to report that our key manufacturer partners recognise more difficult trading environment and are taking pragmatic and supportive actions such as reducing targets,​

* ‍turnover of new cars increased by 10% (5% on a like for like basis);​

* ‍total gross profit from new cars increased by 15% (6% on a like for like basis);​

* ‍new car margins and profit per unit for both new retail and fleet cars were higher than prior year.​

* ‍group has had a positive financial performance for first nine months of year, against strong prior year comparatives.​

* ‍in light of softening in new car market since april, as various factors impact on consumer confidence, we continue to plan prudently for business​

* ‍however, based on progress seen in year to date, board is confident that group will make further progress during remainder of this year and believes that results for year ending 31 december 2017 will be in line with management’s current expectations.​

* ‍we will be announcing a share buyback programme​ Source text for Eikon: Further company coverage: (London newsroom)

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