HR Owen ‘just above breakeven’ in 2020
16 December 2020
HR Owen has reported a decline in profit before tax from £8.2m to £1.9m in the year ended 30 June 2020. This, it said, is largely attributable to the sale of an investment property which generated £1.7m and £2.1m in CJRS grants.
The world’s largest retailer of Ferrari and Lamborghini (and the UK’s largest Bentley and Rolls-Royce retailer) saw revenue decline from £532m to £389m, although 2019 figures were over a 14-month period.
“The core business of new and pre-owned vehicles sales maintained just above break even given unprecedented trading challenges during the year,” said the directors. Retailers were closed for more than two months from the 23 March 2020 when HR Owen utilised the CJRS, receiving £2.1m in grants.
Headcount fell from 523 to 447 during the year; in June, the retailer confirmed a “limited number” of redundancies due to the Covid-19 pandemic.