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HR Owen revenues rise but pre-tax profits slip

By BFN News | 07:54 AM | Tuesday 27 March, 2012

Revenues at luxury car dealer H.R. Owen rose 25% to £192.4m in the year to the end of December. But pre-tax profits fell to £1.8m from £2.0m and profits before exceptional items, discontinued operations and tax slipped to £1.6m from £1.7m. Total basic earnings per share fell to 2.4p from 6.2p and the proposed final dividend of 0.7p is down from 2.0p last time. Chief executive Joe Doyle said: "A strong performance in new car sales during 2011 helped to maintain profitability in line with 2010. "Once again we outperformed the market in this key area and hope to build on this in 2012, assisted by the contribution from the newly acquired Broughtons' businesses, which will be re-branded in the near future. "We are confident that our investments in support of the group's strategy 'Experience is Everything' will deliver strong growth in the years ahead." Story provided by