Wednesday, March 25, 2009
Profits plunge at HR Owen
HR Owen recorded a £1.3m operating profit before exceptionals from sales of £144m in 2008.
That compared with £4m operating profit from £156m of sales in 2007.
In the dealer group's financial statement to the stock market today, chief executive Nick Lancaster said predicting the year ahead is difficult but he believed that, with the benefit of property-related gains, the group would remain profitable in 2009.
HR Owen's sales of its premium franchises in recent years to focus on its specialist luxury and supercar brands have left the dealer with no debt and substantial cash reserves so it appears well placed to ride out the recession.
DATED: 25.03.09
FEED: AM
That compared with £4m operating profit from £156m of sales in 2007.
In the dealer group's financial statement to the stock market today, chief executive Nick Lancaster said predicting the year ahead is difficult but he believed that, with the benefit of property-related gains, the group would remain profitable in 2009.
HR Owen's sales of its premium franchises in recent years to focus on its specialist luxury and supercar brands have left the dealer with no debt and substantial cash reserves so it appears well placed to ride out the recession.
DATED: 25.03.09
FEED: AM
