1:24 pm, January 4, 2022
Luxury car dealer H.R. Owen made £59m more in the year ending June 30, 2021, than it did the previous 12 months, according to its latest set of financial results.
New car volumes grew by 8.7 per cent to 1,150 units and used grew by 10.1 per cent to 1,621 unit.
Profit was up to £57m from £54m the previous year and in total, revenue grew to £448m.
Aftersales also grew for the business by £9m and it stated that revenue from insurance services was also slightly up, to £1.1m.
In its strategic report, it revealed that it would be aiming to grow aftersales and used car operations ‘to help mitigate any potential future decline in the new car market’.
The business represents Aston Martin, BAC, Bentley, Bugatti, Ferrari, Lamborghini, Maserati, Rolls-Royce and most recently added Rimac.
It added: ‘We plan to expand operations with existing brand partners in new territories and, where appropriate, develop relationships with new partners.’
The business revealed ways that it is diversifying, by increasing its stake in H.R. Owen Insurance Services – a joint venture with A J Gallagher – to 95 per cent from 60.
It also said it is ‘enhancing its property portfolio by investing in freehold properties’ as it moves away from leasehold.
The latest H.R. Owen acquisition in Hatfield was 5.4 acres of freehold land, which is currently being developed.
Meanwhile its cash position on June 30 was £8.1m, considerably lower than the 2020 balance of £21.6m, while net assets increased proportionally from £34.8m in 2020 to £47.4m in 2021.
