Market Report: Car dealer Lookers shares overdrive after recording unexpectedly strong sales in the first three months of the year.
Investors rushed to soar Lookers shares after car dealers said they would shatter profit forecasts following the blockade sales boom.
Sales were unexpectedly strong during the first three months of the year, despite having to shut down all of the company’s sites.
Spectators have shifted 44,000 cars through an online platform and “click and drive” service.
Online Boom: Car dealer Lookers sales were unexpectedly strong during the first three months of the year, even though all of the company’s sites were forced to shut down.
At the same time last year (almost all before the first blockade on March 23), it sold 49,000.
The stunning surge in first-quarter trading means Lookers’ full-year profits are “significantly above” the city’s estimate of £ 22.6m.
And another good news about the latest deals is that Lookers’ new car sales were flat, outpacing the industry-wide decline.
According to the Motor Manufacturers Association, sales fell by an average of 12% compared to the first three months of last year.
Skinbiotherapeutics worked with the University of Manchester to investigate how bacteria called the microbiome that live in the skin play a role in skin inflammation.
A two-year study by a group and university listed on the AIM will look at whether certain bacterial mixtures can be included in products such as creams and gels to help relieve inflammation faster.
This can help treat conditions such as sunburn and acne.
The share of Skinbiotherapeutics increased by 7.3%, or 4p to 59p.
This is Lookers’ second profit upgrade in a few months, having fought a fraudulent scandal with profits overvalued £ 25.5 million over the years.
The Financial Conduct Authority has completed the investigation, but the Financial Reporting Council is investigating Deloitte’s audit of the group.
Onlookers’ outlook is getting even better as dealers join other non-critical retailers to reopen doors on Monday. The company’s stock price surged 14.4% (9p) to 71.6p.
The update also revives rival Pendragon, which has already risen this week following a broker upgrade at Liberum on Tuesday. Last night’s stock price rose 9.1% (1.6p) to 19.2p.
Household goods retailer Dunelm (2.5%, up 33p to 1381p) and chemical group Johnson Matthey (1.5%, up 46p to 3145p) also gave shareholders good news about profits.
The surge in online sales in Dunelm over the first three months of the year will help “moderately” exceed the £ 120m to £ 125m profit estimate.
However, this depends on the fact that most of the 174 stores can be reopened on Monday and no further blockade restrictions will be reintroduced before the end of the fiscal year in June.
And Johnson Matthey revealed that revenue for the year to the end of March will be the upper limit of the forecast between £ 405m and £ 502m.
The FTSE 100 rose 0.8% (56.9 points) to 6942.22 and the FTSE 250 rose 0.4% (86.97 points) to 22247.54.
Footsie reached its highest level for 13 months, but the index was ahead of a strong rise due to oil major BP (down 2.3% (7p) to 298.45) and Shell (down 2% (28p) to 1346.4p). ), Slided after data from the United States showed an increase in the country’s gasoline inventories.
Meanwhile, mining giant Anglo American has hit traders after announcing plans to spin off the steaming sector.
Miners such as Anglo (3.2%, or 96p up 3084p) have been criticized by investors for wanting to do more to tackle climate change.
Thermal coal is burned for electricity and emits large amounts of carbon.
The new company, Thungela Resources, will be listed in Johannesburg and London, and existing Anglo investors will acquire one share in a new group for every 10 people they own in Anglo.
Exhibition and conference organizer Hyve Group (0.9%, or 1.1p increase 131.2) held 12 face-to-face events in Eastern Europe and Asia in the first half, but sales fell 90% to £ 10m. It states that it is likely to become. 6 months until March.
Market Report: Car Dealer Looks Shares Overdrive
Source link Market Report: Car Dealer Looks Shares Overdrive