The positive interim results, on the back of strong new sales and increased used margins, follow the revamped luxury group’s return to profit at the end of its last financial year.
“The business had a strong first half and we grew sales despite the challenging economic headwinds. We are particularly pleased to have grown new car sales and improved our used car margins during this tough time,” said Andy Duncan (pictured), chief executive.
In the first six months of the year, when the group’s sales operations traditionally deliver proportionally their best performance, new car volumes from continuing operations increased from 240 to 277 cars compared with the same period last year.
The group said results were also boosted by strong deliveries in both its Ferrari and Bentley divisions. Used car volumes from continuing operations reduced to 231 cars from 250 cars although margins increased.
Duncan is confident the restructured group will continue to grow as it rolls out a new business plan which will see it expand its operations and increase customer retention.
“These are exciting product developments to come during the second half, including the launch of the Ferrari FF and Lamborghini’s Aventador models. However, there is no room for complacency and we remain realistic about the prospects for the UK economy,” he said.
Duncan, the former Channel 4 boss, was appointed last year to turn around the fortunes of the struggling group. Initiatives this year include the acquisition last month of Broughtons of Cheltenham, which takes HR Owen into the Aston Martin franchise for the first time as well as expanding its Bentley business, and the opening of a Ferrari Atelier, or boutique, at London’s Berkeley Hotel.
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