F&I Management & Training

The London-based listed luxury group said trading up to the end of June was ahead of internal budgets for both its sales and aftersales operations and is significantly ahead of the same period last year.

Volumes and margins
"New car sales have performed very well with improvements being seen in both volumes and margins compared to both internal expectations and the prior year," the group said.

HR Owen said sales of the new Rolls-Royce Ghost and Ferrari California have been particularly strong.

Used volumes
The group said used car volumes and margins were also ahead of the same period in 2009. While aftersales, which were hit by the bad weather at the beginning of the year, have "rebounded" and are now ahead of the same period in 2009.

"New and used car stocks remain well controlled, and the group continues to hold substantial cash balances and no net debt, excluding manufacturer stocking loans," it said.

Recovery
"The fragility of the economic recovery in the UK means that the board remains cautious about the current trading outlook for the Group. However, the medium to long term prospects are viewed with confidence."

Executives
While the group continues to search for a managing director, following the departure of Nick Lancaster in May, it has appointed
Adrian Martin as a non-executive director. Martin was a managing partner at BDO Stoy Hayward and has served on the board of Carphone Warehouse.

DATED: 21.07.10

FEED: MT