HR Owen, the luxury motor retailer, has revealed a return to profitability in its preliminary results for the year to December 31.

Andy Duncan, HR Owen chief executive, said: “2010 saw a big improvement and return to profitability following the difficulties of 2009.

"We outperformed the market with healthy growth in both new and used sales.

"Although economic conditions in 2011 are likely to remain challenging, we now have a strong platform on which to build consistent profitable growth for the future."

HR Owen's annual meeting will be in May.

Financial highlights:

  • Revenue up 26% to £158.0 million (2009:£125.4m)
  • Group profit before tax and exceptional items of £1.5 million (2009: loss of £1.3m)
  • Net exceptional gain for the year of £0.3 million (2009: £7.5 million)
  • Group profit before tax of £1.8 million (2009: £6.2 million)
  • Basic earnings per share of 6.2 pence (2009: 20.4 pence)
  • Proposed final dividend for 2010 maintained at 2.0 pence per share
  • New strategy for 2011 building on key attributes and strengths