9:42 am, July 17, 2013
HR OWEN Plc has reported encouraging trading results in the first six months of 2013.
The company’s strategy to improve its used car business has made significant progress, with volumes up by almost a quarter.
These strong trading results were further complimented by a good six-month period from the group’s Rolls-Royce and Bentley franchises.
In a statement, HR Owen said: ‘Our used car trading performance throughout the period has been very promising with volumes up by almost a quarter on the prior year at improved unit margins.
‘In addition, receipts of new cars from manufacturers have been accelerated ahead of expectation with a resulting, higher than anticipated percentage of our available 2013 allocations being delivered to customers in the first six months of the year.’
The group will also recognise a non-recurring credit in its results for the first half amounting to approximately £0.3 million.
With a strong outlook for the remainder of the year, the group now expects the results for the year ended December 31, 2013 to be ahead of management’s expectations.
