HR Owen has foundations for success ‘firmly in place’ after 2021/22 growth

Luxury car retailer HR Owen has said the foundations for its future success are “firmly in place” after growing its revenues and profits while driving investment in property and business growth in 2021/22.

In annual financial results for the 12-month period to June 30, 2022, published this week, the AM100 car retail PLC revealed revenues up 19.6% at £536.2 million (2020/21: £448.5m) and a 14.1% increase in pre-tax profits from £13.7m to £15.6m.

The business, which represents brands including Aston Martin, Bentley, Bugatti, Ferrari, Lamborghini and Rolls-Royce from 16 sales and 17 aftersales franchises succeeded in increasing new car sales by 8% to 1,244 and used car sales by 17% to 1,892 in a post-pandemic trading period defined by vehicle supply shortages.

And while it refurbished its Ferrari dealership in South Kensington and Lamborghini dealership in Manchester during the period during the trading period, it is also in the process of expanding its operations.

The planned multi-brand supercar dealership facility in Hatfield is expected to open in Q1, 2023 – becoming the first retail site in the UK to offer Ferrari and Lamborghini at the same location – while the acquisition of Ferrari and Maserati approved aftersales provider Joe Macari Servicing in Wandsworth has also been completed.

HR Owen has also signed a franchise agreement with Czinger & Radford since the trading period’s end.

“The foundation ns for the group’s success in serving a highly discerning market are now firmly in place,” its 2021/22 financial results statement said.

“As the current period’s results have shown, the group is continuing to invest heavily in capital expenditure which will lay the foundation for further growth.”

HR Owen chief technology officer Brett Ward recently appeared on the AM News Show, where he discussed plans for the technology-enabled customer journey at the new Hatfield super-site.

His interview follows an earlier AM dealer profile feature in which the group’s chief executive, Ken Choo, shared details of a business strategy focussed on customer service and a drive towards a membership-style sales and ownership experience.

HR Owen’s 2021/22 financial results revealed a £10m increase in the group’s distribution and admin expenses.

Its statement revealed that the UK Government’s Coronavirus Job Retention Scheme (CJRS), restart grants and rates relief had all played a part in facilitating its strong results during a year which saw its employee headcount decline further, from 460 to 409 people.

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