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HR Owen trading ahead of budget

London-focused supercar dealer HR Owen reports that sales and aftersales have been ahead of internal budget, and it expects its half-year results to be ahead of market expectations.

New car sales have growth in both volumes and margins, with sales of the new Rolls-Royce Ghost and Ferrari California "particularly strong", said the group.

Used car volumes and margins are also ahead of the comparable period last year, and aftersales performance has rebounded after being adversely affected by the severe winter weather in the early part of the year.

The group reported that new and used car stocks remain well controlled and the company continues to hold substantial cash balances and no net debt except manufacturer stocking loans.

"The fragility of the economic recovery in the UK means that the board remains cautious about the current trading outlook for the group. However the medium to long-term prospects are viewed with confidence," said its statement.

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