Top end dealer group HR Owen battled with tough trading conditions in the year to 30 June 2024 with pre-tax profits falling to £2.29m compared to £7.6m last time on turnover down 1.8% to £556.6m.
Its retail business comprises 18 sales and 18 aftersales operations, representing Aston Martin, BAC, Bentley, Bugatti, Czinger, Ferrari, Hennessey, Lamborghini, Lotus, Maserati, Radford, Rimac and Rolls-Royce.
In results filed at Companies House, it said: “The automotive retail industry in the UK has experienced a dynamic and challenging period over the last 12 to 18 months, shaped by ongoing supply chain disruptions, rising demand for electric vehicles, inflationary pressures, higher interest rates, lower residuals of pre-owned vehicles and changing consumer preferences.”
HR Owen said it will continue to grow its aftersales business to counter any potential decline in the new car market and commented that it recently launched Specialist used car sales operations and Lotus franchises in Cardiff, Hatfield and Manchester.
It said it was focusing on eCommerce, digitising the business, and reducing costs through modern technology. It is also boosting its property portfolio, buying a freehold property in Pangbourne for £700,000 during the period.
Vehicle sales revenue fell by 2% to £501.8m due to lower new and used sales volumes. Aftersales turnover was £2.5m lower at £54.8m due to trading conditions.
On the outlook it said it had a strong order book for new cars. Its Rolls-Royce and Lamborghini Manchester operations both won dealer of the year in 2023.
