CAR dealership Lookers achieved a record trading performance with a £26.4m turn-round in the year to December 31, reversing a £14.9m loss into an £11.5m pre-tax profit.

Revenues were down from £1.77bn to £1.74bn, taking into account the closure of 21 underperforming franchised operations, but on a like-for-like basis they showed a 4.2% increase.

The company, which has up to 20 dealerships around Merseyside and Cheshire, including the Saab, Vauxhall and Chevrolet marques, also managed to slash net debts by £70.5m.

Like-for-like new car sales rose 13% and used car sales were 6% ahead of the 2008 figure.

Coupled with an improved performance from its aftersales division and record operating profits for the parts division, chief executive Peter Jones said the group is in a strong position to pursue growth opportunities as they arise.He added: “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.”

Liverpool stockbroker Panmure Gordon reiterated its “buy” recommendation, saying the group’s results were “slightly ahead of our expectations at the adjusted profit before tax level, driven by continued out-performance in the new and used car market”.

Panmure added: “In addition, the parts business continues to underpin this operation, which delivered ongoing turnover and margin growth backed by a resilient aftersales business.”