reported a pre-tax profit increase of 28.6 per cent despite the
marketplace downturn.
For the six months to June 30, a pre-tax profit of £1.83m was
reported compared to £1.43m for the same period last year. A
marginal rise in turnover was also reported, climbing just under a
million pounds to £95.9m.
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The growth proves a sharp contrast against competitors such as
Pendragon and Lookers which have reported significant drops in
profits. The chairman of the group, John MacArthur put the success
of HR Owen down to its streamlining initiative.
In the statement issued by HR Owen, MacArthur commented: “The board
remains confident that its strategy of downsizing to a smaller and
more focused specialist car group has greatly improved the
prospects for the group and, in combination with our strong balance
sheet, remains a good defensive action against the prevailing
market conditions.”
The impact of focusing on luxury vehicles was also underlined,
which “protected the results to a degree from the real market
conditions,” MacArthur said.
In January the group destocked a large amount of its used vehicles,
in advance of the worst effects of tumbling used car values.
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By GlobalDataMacArthur commented: “This has proved to be a good decision as used
car activity at the top end of the market has been affected by the
adverse economic conditions.”
