Car sales increased by around 10 per cent to £180 million sterling at the Charles Hurst motor business in Northern Ireland in the 12 months to the end of September compared with 6.0 per cent growth for the North as a whole.
Buoyant sales by Hurst contributed to record annual results at the Lookers group where a 29.9 per cent stake continues to be held by Woodchester Investments, now part of G E Capital.
At Lookers pre-tax profits increased from £8.1 million to £9.0 million in its 1996-97 period on turnover up from £513 million to £618 million benefiting from a full year's Hurst contributions compared with six months in the previous year.
"Charles Hurst continued to forge ahead and produced a strong performance, both well ahead of 1995-96 and in excess of budget," comment Lookers directors. Hurst was bought for £25 million by Lookers in March, 1996, as part of a geographic diversification strategy backed by the Woodchester board at the time.
Lookers' record annual profits of £9 million are stated after closure costs and profits on disposal of non-performing and non-core activities. Around £20 million cash thrown off from the rationalisation programme reduced balance sheet gearing from 67 to 35 per cent.
The group's improved financial position will be used to grow the group's motor division, including the thriving Charles Hurst operations.
Mr Craig McKinney, chief executive of Woodchester and a director of Lookers for more than 10 years, is to become non-executive chairman of Lookers on the retirement of Mr Ken Martindale in March. Mr Fred Maguire, formerly head of Hurst's, will continue his present role as chief executive.
Total dividend payments rise 3.1 per cent at 8.25 per cent on the 1996-97 outcome.
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