Lookers doubles its profit as car dealers see healthy trade pick-up
CAR dealership Lookers doubled its annual profit in 2009, reporting pre-tax profits of a record £28.3m.
The company, which sells cars from manufacturers like Peugeot, Ford and Volvo, saw its pre-tax profit , goodwill and one-off items jump 102 per cent from 2008.
It also benefited from the government scrappage scheme, due to end on 31 March, with new vehicles sales rising 13 per cent to 61,372 cars.
Lookers chief executive Peter Jones said yesterday: “Although we believe that market conditions will remain challenging in 2010, we are encouraged to report that we have made a strong start to the year.”
Rival Pendragon last month reported a return to profit following a loss the previous year. Rival Inchcape publishes 2009 results today.