INCREASED profits earned on higher turnover and margins at leading Northern Ireland car dealer Charles Hurst contributed to improved interim results at the Lookers group, in which Woodchester holds a 29.9 per cent minority interest.
New car sales at Charles Hurst rose 10.3 per cent compared with the 4 per cent increase for the UK new car market as a whole and Lookers' chairman said the future for the Northern Ireland activity was "very exciting".
Charles Hurst was bought by Lookers for £25 million in February last year on funding mainly provided by way of a £10 million rights issue of new shares and a £10 million medium term loan.
Interim figures for the six months to March 31st at Lookers reflect a full contribution from Charles Hurst, compared with only six weeks in the interims a year ago. Overall, partly due to Charles Hurst, first half operating profits on continuing operations increased £1 million to £5 million. Turnover increased £74 million to £284 million.
Profit before tax after exceptional items and interest was £850,000 higher at £4 million. Earnings per share on enlarged share capital declined from 6.7p to 6.2p providing more than two times cover for an unchanged 2.6p interim dividend.
