Lookers sees increase in revenue amid takeover bid
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Lookers has reported an increase in revenue during the first half of the year, as a takeover bid for the automobile retailer progresses.
During the six months to 30 June, the car dealership group’s revenue rose by 8% to £8.42bn, up from £2.24bn during the first half of 2022.
However, statutory profits declined slightly, falling to £40.4m (H1 2022: £49.9m), with Lookers citing £6.7m of additional interest expense.
Mark Raban, chief executive officer of Lookers, said that the trading performance came despite “significant macroeconomic headwinds”.
This comes amid a takeover bid from Global Auto Holdings, a subsidiary of Alpha Auto Group. Lookers said the all-cash offer of 130p per share has been unanimously recommended by the board. Mark Raban said the offer represents a premium of approximately 61%.
In July, majority shareholder Cinch backed out of the takeover, valued at £465m, and said it would oppose the proposition.