09/03/2010
Car Parts division helps to increase profits
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Car dealer Lookers said full year profit increased by £26.4m after a strong performance from its car parts division. Adjusted profit before tax for the year ended 31 December 2009 increased by 102% to £28.3m. Revenue on a like for like basis increased by 4.2% to £1.75bn. Lookers chief executive Peter Jones said, "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." The group said it was trading ahead of the previous year after cutting costs but conditions remained tough. The government's incentive scheme for buying new cars ended last month. Lookers, which raised £80.7m last June to help ease its debt position, said it intends to return to a progressive dividend policy in 2010
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