Oct. 28 (Bloomberg) -- Lookers Plc, a U.K. car dealership and auto parts supplier, said third-quarter trading was “satisfactory” and full-year results will be “in line with management expectations.”
“Trading during the quarter ended September 30, 2011, and particularly during the critical month of September has been satisfactory,” the Manchester, England-based company said today in a Regulatory News Service statement. Results “for the financial year to December 31, 2011, will be in line with management expectations.”
Total new car sales in the first nine months of the year increased 2 percent from the previous year, Lookers said. New car retail sales fell by 10 percent.
“The motor division has made reasonable progress in the period, which is a good performance in a difficult market,” the company said.
Lookers is in talks on new bank facilities which are expected to reduce the interest rate margin on group borrowings, according to the statement. Talks should conclude this quarter.
--Editors: Chris Peterson, James Kraus
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