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HR Owen profit turnaround

HR Owen has reported a pre-tax loss of £11.3 million for the year to December 31, 2005.

This is a complete turnaround in the wrong direction for the prestige dealer group, compared with profits of £1.4m last year.

HR Owen said the results reflected a ‘difficult year’ for the group in which it made the ‘strategic decision’ to reduce the number of brands it represents.

John MacArthur, HR Owen chairman, said: “The strategic reduction in the group's size and the reorganisation has resulted in significant non-recurring costs, but we now believe that the continuing business will shortly return to profit."

Full year turnover from continuing operations fell to £535m from £561m.

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