Rich pickings as Ferraris and Lamborghinis help HR Owen roar ahead

Ferraris and Lamborghinis are flying off the forecourt despite waning business from bonus-flashing City boys, luxury car dealer HR Owen said today.

The shares jumped more than 11% as Owen, which has dealerships in Mayfair and South Kensington, lifted profit forecasts amid demand for the playthings of the super-rich.

Ferrari’s 458 Spider, pictured, the Lamborghini Aventador V12 and the Rolls-Royce Series 2 Phantom — all costing more than £200,000 each — have been the biggest sellers as the firm said “positive momentum” had continued into the second half.

Chief executive Joe Doyle said: “We’ve got the wealthy entrepreneurs, the historic money in London and we’ve still got the wealthy overseas buyers living in London — it’s a fairly good mix and its been very consistent over the last 12-18 months.

“You can tell from the sort of customers coming through the door that we’re not getting as many customers from the City. There aren’t as many people working there and bonuses aren’t what they were.”

HR Owen opened its first car dealership in Mayfair in 1932. Analysts marked up full-year profit forecasts from £1.6 million to £1.9 million, helping the shares rise 7p to 69.5p.

Rival dealer Pendragon also reported buoyant sales from its Stratstone brand, which sells marques such as BMW, Porsche and Jaguar.