THE parent company of Northern Ireland's largest motor retailer Charles Hurst Group has increased pre-tax profits by almost half to £91.8 million.
The Lookers motor group, with dealerships around the UK and Ireland, reported revenues of £4.3 billion in the year to December – up 17 per cent on the previous year.
Pre-tax profits increased by 46 per cent for the business which announced its eighth consecutive year of profit growth.
The hike included a £28m one-off gain from Lookers' sale of its wholesale parts division to Alliance Automotive, which was completed to free cash for expansion of the franchised dealership portfolio in the motor division.
Although the group acquired Knights BMW and Mini and Drayton Mercedes-Benz and Smart businesses, trading results show its motor division’s turnover rose by £658m, of which acquisitions contributed just £131m.
Adjusted pre-tax profit rose by seven per cent to £77.1m, with adjusted operating profit up 10 per cent up to £94.7m.
Lookers said it undertook a review of its franchised operations in 2016 and sold or closed 10 under-performing businesses as a result.
The company also said it has continued investment in the delivery of a "multi-channel" customer experience, driving significant increases in visitor and enquiry levels online.
Chief executive Andy Bruce said: "I'm pleased to announce an excellent set of year end results. Our profit is at record levels and has increased for the eighth consecutive year - evidence of both an expansive and a resilient business model.
"We know our strategy of having the right brands in the right locations, supported by excellent execution, is the right one - and during the year we've managed our portfolio of dealerships to reflect that.
"We've made a good start to the current financial year and have a healthy order book for the delivery of new cars in the important month of March.
"Our strategy of acting as a consolidator - and growing organically - leaves us ideally placed for growth and increased earnings in 2017 and beyond."
Lookers said growth in the new car market in recent years had helped to underpin continued demand.
