Luxury car retailer reports profit stability

STRONG sales helped luxury motor retailer HR Owen maintain 2011 profitability in line with the previous year, according to results.

 

During 2011 the company reported earnings up 25% to £192.4 million and profit before exceptional items, discontinued operations and tax of £1.6m (2010: £1.7m). Pre-tax profits reduced to £1.8m (2010: £2m)

 

Chief executive Joe Doyle said: ‘A strong performance in new car sales during 2011 helped to maintain profitability in line with 2010. Once again we outperformed the market in this key area and hope to build on this in 2012.’

 

Chairman Jon Walden added: ‘Although new car registrations in theUKluxury

sector fell by 12%, we managed to buck this trend with like-for-like double-digit growth in new car volumes. Our success in new cars, partly from converting customers from used to new cars, did however mean that used car trading fared less well, with a fall in the number of cars sold.’

 

Commenting on 2012 trading, Walden said: ‘Trading in the first ten weeks of 2012 has started strongly, particularly for new cars, and is ahead of both our internal expectations and the prior year.’


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