AM Online

Revenue drops but profits rise at HR Owen

HR Owen, the luxury car dealer group, has trebled its operating profits to £6.6m while turnover dropped by almost a quarter to £62.2m.

However much of that was due to an exceptional gain from early surrender of a leased property.

Its trading report for the first half of 2009 showed the group achieved profits before tax of £6.5m (2008: £1.7m) with losses from continuing operations before exceptional items of £1m (2008: profits of £1.7m).

It reports that new car sales were tough, although used car sales were very strong, with the group improving both volumes and margins against the same period in 2008.

Since the start of 2009 HR Owen has received around £8.5m income related to property and business disposals.

It has built up its cash balances to £11m from the £1.8m recorded at the end of 2008.



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