Lookers profit almost triples

9th Mar 2011 07:52

Manchester based car dealer Lookers said annual profit motored nearly three times higher as it made a strong start to 2011.Pre-tax profit jumped to a better than expected £31.1m in the year ended 31 December 2010 from £11.5m the year before. Revenue increased by 7.7% to £1.9bn.Lookers robust full year performance was boosted by increased demand at its motor and independent car parts businesses and as it reduced costs.The firm, which sells cars from many of the world's biggest car manufacturers such as Toyota, Vauxhall and Ford, said the good start to 2011 and its strengthened balance sheet put it in a strong position, "giving confidence that we will continue to trade successfully and be in a position to pursue selective strategic growth opportunities as they arise."Lookers, which operates from 119 dealerships, said it would pay a final dividend of 1.2p a share, taking the full-year dividend to 1.8p a share. It resumed dividend payments in the first half of 2010 after it came out of the difficult trading conditions in 2008.