The Lookers PLC Board is delighted to confirm that 2022 will see a return to the Company paying dividends, and is proposing a final dividend of 2.5 pence per share in respect of 2021 to be paid in June 2022. Thereafter the Board intends to adopt a progressive dividend policy, underpinned by a capital structure aimed at providing long-term sustainable returns to shareholders.
Other financial highlights include:
Group revenue up 9% to £4,050.7m (2020: £3,699.9m)
Gross profit margin increased to 12.8% (2020: 11.1%)
Underlying profit before tax of £90.1m (2020 restated: £13.7m), primarily driven by used vehicle margins
Exceptional operational performance and working capital management has resulted in net funds of £3.0m (2020: net debt £40.7m)
The Board's capital allocation policy focuses on investment to grow revenue and profits, and maximise shareholder returns through the disciplined deployment of cash