1m while reaffirming its reasons for rejecting the £258m all-share hostile offer by Pendragon. The company said sales grew 17 per cent to £385m with first-quarter underlying profit up to £11m. Chief executive Ken Surgenor said the first quarter results and accompanying full-year profit forecast demonstrated that Pendragon's offer “is wholly inadequate.” Lookers valued its business in excess of 920p a share in cash, compared to Pendragon's 722p offer made in March.