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Lookers PLC on Wednesday resumed its dividend and reported a boost in revenue, due to increased sales in its Aftersales and Used Vehicles arms.
For the first half of 2022, the car dealer posted a pretax profit of £49.9 million, down 1% from £50.4 million a year before.
Net operating expenses jumped to £221.3 million, up 14% versus £194.2 million.
More positively, revenue grew 3.6% to £2.30 billion from £2.15 billion. Lookers credited the growth to increases in its Used Vehicles and Aftersales unit.
‘In H1 2021 pent up demand and relatively high levels of consumer disposable income following various lockdown restrictions resulted in an unprecedented used car market,’ the company stated.
Lookers reinstated its interim dividend with a payout of 1.00 pence per share. It had paid out 2.50p as an annual dividend in 2021.
Looking ahead, the company said it remains well-positioned to meet its strategic priorities for the remainder of 2022 and beyond.
Lookers shares were trading up 5.3% at 78.96 pence each in London on Wednesday morning.
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