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HR Owen trading update says third quarter was ahead of expectations

Luxury car dealer HR Owen today told investors its third quarter trading had been ahead of management expectations.

In a trading update to the London Stock Exchange it said  the positive momentum generated during an encouraging first half performance has continued into the third quarter of 2013.

Used car trading performance throughout Q3 has been very promising, it said, with volumes up by almost a third on the prior year at improved unit margins.

Deliveries of new cars from its luxury carmakers have been accelerated ahead of expectations with a resulting higher than anticipated percentage of its available 2013 allocations being delivered to customers in the first nine months of the year.

HR Owen now expects the full year results to be ahead of its previous expectations.

HR Owen's board reiterated its recommendation that shareholders should accept the 170p per share mandatory cash offer from Berjaya Philippines Incorporated which remains open for acceptance until October 11, as its directors have already done so in respect of their own beneficial holdings.



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