Luxury car dealer group HR Owen has benefited from early new car deliveries and says it expects first half profits to beat expectations.

At its AGM today, chairman Jon Walden (above) said earnings were running ahead of management expectations currently.

“Used car sales have been particularly strong during the period, in line with our strategic objective to significantly improve performance in this key sector,” he said.

“As a result of the strong overall performance of the group to date, the proportion of our overall annual profit to be generated in the first half of the year is now expected to be better than previously indicated,” said Walden

Cash in hand at the AM100 dealer group, which represents marques including Ferrari, Lamborghini, Bugatti, Rolls-Royce, Bentley and Aston Martin, has grown from £6.1m held at the 2012 year-end to £10.9m as at the end of April 2013.