8:48 am, December 20, 2023
Directors at luxury car dealer H.R Owen say the firm’s performance last year was ‘acceptable’ despite profits being slashed by more than 50 per cent.
Documents published via Companies House show that H.R Owen PLC made a pre-tax profit of £7.57m in the 12 months to June 30, 2023.
The figure is less than half of the £15.62m the franchised group made last year with bosses conceding that the period has been among the ‘most challenging’ it has ever experienced.
The slump came despite revenue actually rising in the period covered by the accounts, with the group bringing in £567.13m, compared to 2022’s £536.23m.
That included a seven per cent rise in income from vehicle sales, which brought in £510m as opposed to £476m in 2022.
However, sales volumes in both new and used cars were worse this time out falling to 1,195 and 1,811 respectively.
Among the firm’s biggest expenditures of the year was the £2.8m it splashed out on acquiring Joe Macari Servicing, which bosses say will enhance its aftersales offering going forward.
Reacting to the results, company secretary Denise Grimston, said: ‘The past year has been one of the most challenging, but despite this the group delivered an acceptable result.
We aim to grow our aftersales operation along with pre-owned vehicle sales to help mitigate any potential future decline in the new vehicle market.
‘We continue to expand our operations with existing brand partners in new territories. Our new freehold site at Hatfield acquired in December 2020 is now fully operational is a testament of this.
‘The site has five vehicle showrooms, four aftersales facilities, a multi-storey car park and corporate headquarters.
‘Our principal objectives are to keep our customers at the heart of everything we do. We strive to have the right. brands in the best locations, with brilliant talent to deliver na exceptional customer experience.
‘We continue to develop and motivate colleagues ensuring consistency of operational excellence and delivery to customers across the group.
‘We aim to attract the best talent by offering a competitive remuneration package and great working environment where personal development is highly encouraged.’
She added: ‘During the year the Group acquired the share capital of Joe Macari Servicing Limited for a fair value consideration of £2.8m.
‘This acquisition will continue to enhance the group’s aftersales offering to its customers.’
H.R Owen has ben in operation for 91 years, having been established in 1932.
It now operates sites in Berkshire, Cheltenham, Hatfield, London, Stockport and Surrey representing the some of the biggest supercar an luxury manufacturers in the world.
Among the brands it represents are Aston Martin, Bentley, Bugatti, Ferrari, Lamborghini, Maserati and Rolls-Royce.
It also has deals with the likes of BAC, Czinger, Hennessey, Radford and Rimac.
