AM Online

Gloomy outlook from HR Owen

Supercar specialist HR Owen expects to break even this year, as the recession hits sales of sports cars.

Its statement to investors this morning shows a distinct change in confidence following a national car sales slump in the last three months.

In September, chief executive Nick Lancaster, pictured, told AM he expected his supercar franchises to be buoyed through the downturn by the global super-rich with homes in London.

Today's statement predicts an operating loss, before exceptionals, from trading in the second half of the year.

Performance from the whole year, which included a profitable first half, looks like being around break-even, HR Owen said.

It has taken action to reduce the turn of its used stock, leaving it with "very low used vehicle inventories" at year-end, said the statement, and the group still holds positive cash balances and has available capacity with stock funding facilities.

The London-based dealer group has showrooms for Ferrari, Maserati, Bentley, Rolls-Royce, Bugatti, Lambourghini, Alfa Romeo and Volvo.

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