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Adjusted profit before tax for the 12 months to December 31st dropped to £14 million, data from the company has revealed, a decline from the £24.5 million the business made in 2007.
Chairman Phil White added that the firm will not pay a final dividend "before June 30th 2010", as it intends to reduce its debt in the short term and has signed a new set of banking facilities with its lenders, something that may interest those involved in stock market trading.
The organisation intends to make job cuts and carry out restructuring in an effort to reduce costs by £12 million in the present financial year and added that financial performance in the opening quarter has been strong.
Lookers shares climbed following the announcement, rising 3.85 per cent to 54p in London at 08:30 BST.
