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H.R. OWEN PLC - Final Results

H.R. Owen Plc

                        (the "Company" or the "Group")

                           Preliminary Results 2013

H.R. Owen, the luxury motor retailer, today announces its preliminary results
for the year ended .

Financial Highlights

  * Revenue up 7% to £261.1 million

  * Profit before exceptional items, discontinued operations and tax (the
    "underlying operating profits") of £3.8 million (2012: £2.3 million), an
    increase of 63%

  * Profit before tax of £2.4 million (2012: £2.3 million)

  * Profit from discontinued operations for the year of £0.2 million (2012:
    £0.3 million)

  * Basic earnings per share from continuing operations before exceptional
    charges of  (2012: )

  * Basic earnings per share of  (2012: )

  * Proposed final dividend for 2013 of  per share (2012: 
    per share)

- Chief Executive,  commented; "This is an excellent
result with underlying trading profits up 63% year on year. It was driven by a
strong performance acrossall areas of the business, although of particular
satisfaction was the execution of our used car strategy, delivering an increase
in volumes of over 30%whilst also increasing average margins.The outlook for
the business remains very positiveas we have a substantial new car forward
order book. We will alsocontinue in 2014, to pursue our strategy of increasing
manufacturer representation and delivering value added new products."

Further Information:

H.R. Owen                        (020 7245 1122)
, 

Charles Stanley Securities       (020 7149 6000)
, 

Halkin Communications            (07904 680 547)
Sara Batchelor

About H.R. Owen

H.R. Owen has evolved into the business it is today over a period of nearly 70
years. We operate a number of vehicle franchises in the prestige and specialist
car market for both sales and aftersales, predominantly in the London area.
These cover fifteen sales franchises and eighteen aftersales franchises for
, Audi, Bentley, BMW, Bugatti, Ferrari, Lamborghini, Lotus,
, MINI, Pagani and Rolls-Royce. We have a long and prestigious history
and can trace our foundations back to the formation by  of a
dealership selling Bentley and Rolls-Royce cars in 1932.

More information about H.R. Owen can be found on our website .

Chairman's Statement

In what was an eventful year for the Group, I am pleased to report that the
trading performance during 2013 was very strong, with underlying operating
profits up by 63%. Capital management was substantially improved, with return
on capital for the year advancing by four percentage points. We also continued
to enjoy a healthy cash position, with cash and deposits as at 
amounting to £11 million, some £5 million higher than at .

During 2013 we continued to progress the development of several key strategic
initiatives. Our used car performance, which is a key area of opportunity for
the Group, showed excellent growth, with volumes up by 30% from the previous
year and with margins also higher. Digital marketing was further enhanced,
resulting in visitor numbers to our website, , increasing by
36% over the previous year and continuing to grow at an encouraging rate. Our
new Customer Relationship Management system was fully implemented throughout
the Group and we have continued to develop our customer magazine "DRIVE".

The results from the former Broughtons business, which was acquired in  and was re-branded in 2012 as H.R. Owen, showed further significant
improvement in 2013, contributing in excess of £1 million towards the Group's
annual profit. The acquisition was strongly earnings enhancing in 2013.

During the summer of 2013, we commenced trading at our new Lamborghini
franchise for , which is based alongside Bentley at our existing
Pangbourne premises. We were delighted to welcome Thomas Felbermair, Commercial
Director of Lamborghini SpA, to the dealership for its formal opening in
September.

We continue to develop the future strategy of the Company with further
opportunities to grow both our used car and aftersales businesses, and have
recently launched an H.R. Owen branded accident aftercare business. We also
continue to strengthen relationships with our manufacturer partners, and expect
to be opening at least one additional franchise during 2014.

Our progressive dividend policy has been maintained and accordingly we have
increased the proposed final dividend for 2013 to  per ordinary share.
Total payment of dividends for 2013 will therefore amount to  per share,
representing an increase of 78% over the 2¼ pence per share paid to
shareholders in relation to 2012.

In  the Board received an offer for the Company of  per share
from Berjaya Philippines Inc ("BPI"). Subsequently, in , BPI
increased their offer to  per share, which the Board considered
represented fair value for H.R. Owen and, as a result, recommended that
shareholders accept the increased offer. In October BPI closed their offer and
announced that their total beneficial shareholding amounted to approximately
71.2% of the Company's issued share capital. Our previous largest shareholder,
, decided to retain their shareholding, and currently own
approximately 26.3% of the Company's issued share capital.

Following the successful completion of Berjaya's offer, the Chairman,  decided to step down from the Board and, as Senior Independent Director,
I agreed to chair the Board until a new Chairman is appointed.

Earlier this month, shareholders approved a resolution to de-list the Company
and we expect this process to complete on . This will mark the
beginning of a new chapter in the Company's history and we look forward to
working closely with BPI and Bentley to continue growing and developing the
business.

We are pleased with the way trading has commenced in the current financial year
and we look forward to 2014 with confidence. Our balance sheet remains strong
with a healthy cash position and we have the resources to continue to generate
profitable growth in our existing businesses, as well as develop new
opportunities as they arise.

Finally, I would like to record my appreciation of the significant contribution
made by all of our colleagues to the Group's performance in 2013.

Debbie Hewitt MBE
Chairman
26 March 2014


Business Review

Results

In the year to , revenue from continuing operations increased
to £261.1 million (2012: £243.5 million). The Group made a profit from
continuing operations before tax and exceptional items for the year of £3.8
million (2012: £2.3 million). The Group incurred an exceptional charge of £1.4
million in the year associated with the successful offer made by Berjaya
Philippines Inc ("BPI"). Earnings per share from continuing operations before
exceptional items were  (2012: ) with total earnings per
share from continuing operations of  (2012: ). The Group's
basic earnings per share for the year were  (2012: ).

The Group's effective corporation tax rate for 2013 was 24.8%, significantly
lower than the 39.2% experienced in the comparative period. The tax charge for
2012 included capital gains tax which crystallised on a previously held-over
gain associated with a premium received on the surrender of a lease whilst the
current year charge benefitted from tax deductions associated with the issue of
shares under the Company's long term incentive plan.

A final dividend for 2012 of  per share and an interim dividend for
2013 of  per share were paid during the year. Considering the
performance of the Company during 2013, the directors are now recommending the
payment of an increased final dividend for 2013 of  per ordinary
share, to be paid on  to shareholders on the register at the close
of business on . The Board continues to plan for a progressive
dividend growth strategy for future years.

Review of financial position

At , the Group had cash balances of £11.0 million (2012: £6.2
million, inclusive of current interest-bearing deposits of £1.5 million) and
vehicle stocking loans (excluding manufacturer stocking loans) of £8.0 million
(2012: £9.1 million). The Group recorded a cash inflow for the year of £6.3
million (2012: outflow of £2.5 million).

Net assets increased in the year by 24% to £15.6 million helped by the strong
trading result, a significant reduction in the deficit on the Group's
defined-benefit pension scheme and by share issues in the year. Net current
asset more than doubled in the year to £4.9 million.

Review of operationsand principal activities

The H.R. Owen group ("the Group") operates a number of vehicle franchises in
the prestige and specialist car market for both sales and aftersales,
predominantly in the London area but also in , ,
, Surrey, and . The Group continues to focus on selling
luxury and supercars to wealthy and discerning car buyers, primarily in the
South of  and to delivering superior customer service to many of the
's wealthiest people.

The Group holds dealer agreements with various manufacturers. These cover
fifteen sales franchises and fourteen aftersales franchises for its , Bentley, Bugatti, Ferrari, Lamborghini, , Pagani and
Rolls-Royce marques. The Group also operates aftersales only franchises for
Audi, BMW, Lotus and MINI.

We recorded healthy growth in the volumes of cars sold in 2013 with a
particularly strong used car performance. Our  dealership
achieved the highest used car sales figures in the world in 2013 and was the
third highest for new cars. However, overall, our new car volumes fell slightly
year-on-year which reflected the  national position for registrations for our
marques. Our sales of Bugattis remained amongst the highest in the world and
our  dealership was the manufacturer's top performing dealer in
the . Like-for-like, combined new and used car sales increased by 15%. In
total, 672 new cars and 1,101 used cars were sold during the year.

Profits from the aftersales side of the business in 2013 improved to £7.8
million due to continuing excellent profitability in our key parts operations.
I was especially proud of our  aftersales business which was
successful in acquiring the Royal Warrant for Her Majesty the Queen, whilst our
Audi aftersales business won the "Technical Cup for 2013" beating all the other
Audi  outlets for diagnosing and repairing technical faults. Our Bugatti
aftersales operation retains its status as a "Service Partner of Excellence",
one of only four in their worldwide network. Our Ferrari and 
aftersales operations service the most vehicles of this type of dealers in
.

Focus areas targeted in 2013

Three areas targeted for 2013 all saw significant improvement;

  * Used car sales were 30% up year-on-year, helped by faster stock
    preparation, an increased buying team and wider advertising of stock. The
    Group won the `Used Car Dealership of the Year' award from , which reported, "H.R. Owen has undergone a magnificent
    transformation".

  * The `Group First' objective was championed behind the scenes through the
    completion of the rollout of KORE, which allows all sites to see all
    customers, and in public through Group-level activities and events
    underpinned by consistent branding. Employees responded strongly in the
    staff survey to the statement "I feel as much a part of the H.R. Owen group
    as my specific site or franchise".

  * Improvements in customer service were measured by rolling out surveys to
    all customers via KORE. Over 2,500 email questionnaires were sent out in
    the final quarter of 2013, generating a 13% response rate. The results were
    exceptional and demonstrate the high value our customers place on H.R. Owen
    service. The main measure on the survey is the widely used Net Promoter
    Score, and the Company saw an average score of +71 (to put this in context
    Apple, one of the world's most desirable brands, achieved a score of +47 in
    a 2012 Interbrand survey).

Other key events

In March, the Group's defined benefit pension scheme was closed to future
accrual with all existing members being transferred across to a new defined
contribution Scheme and therefore becoming deferred members of the defined
benefit scheme. This resulted in a curtailment gain arising of £343,000 which
has been credited to Other Income in the Income Statement.

In  we repeated our annual employee survey. This was well received
with pleasing levels of participation and showed significant improvements in
levels of staff morale and motivation.

Future outlook

We continue to hold a strong order book for new cars and expect to benefit
further from additional new models due for launch in 2014. Used car trading has
started the year very strongly and aftersales is also ahead of current
expectations. I am also pleased to announce that an agreement has been reached
with one of our existing manufacturer partners for the grant of additional
sales and aftersales franchises, which will open in late 2014.

The foundations for the Group's success in serving a highly discerning target
market are now firmly in place and as 2013 has shown, the Group is already
reaping the benefit in both employee and customer loyalty. For 2014, three
areas of significance have been identified to focus on;

  * Closing the gap between the top and bottom performers through coaching,
    training and performance management;

  * Creating a `one H.R. Owen' ethic across all sites;

  * Identifying efficiency gains and incremental improvements that collectively
    will improve profits and service.

Principal risks and uncertainties

The management of the business and the execution of the Group's strategy are
subject to a number of risks. These risks are formally reviewed by the Board
and where appropriate, monitored and mitigated by suitable processes.

Any business associated with the sale of cars is vulnerable to outside factors,
both political and economic. Interest rate changes, increasing fuel costs,
congestion charging and broader environmental concerns could all have an impact
on a consumer's decision whether or not to buy a particular new or used car.
Our activities are spread across a number of manufacturers and across both new
and used cars and aftersales in order to attempt to minimise the risks that
arise.

The Group continues to be dependent on high volumes of new car sales to allow
our business model to make a pre-tax profit as the cost of getting to market in
one of the most expensive cities in the world remains very high. However, the
Group is particularly sensitive to any deterioration in trading conditions,
especially where that is combined with a lack of new model introductions.
Having said this, our main franchises performed robustly and the Bentley,
Ferrari,  operations retained their position
as the 's largest dealer outlet for the supply of new cars.

Other risks relate to the close contractual relationships we have with a number
of vehicle manufacturers and in particular our reliance on their continuing to
supply a suitable mix of popular vehicle models at competitive prices. If this
supply ceases, is restricted or over-supplied for any reason, then clearly the
impact on our performance, especially in relation to new cars, could have an
adverse effect on profitability. This risk is mitigated by the Group's spread
of manufacturer relationships and the Group's careful observance of maintaining
manufacturer operational standards. Any change in control of the Group could
run the risk of either impacting on the relationships we have with the
manufacturers or conceivably causing our contracts with them to be terminated
altogether. However, we are satisfied that no adverse consequences have
resulted from the recent acquisition of a majority shareholding in the Company
by Berjaya Philippines Inc.

Possible future changes to the legislative framework governing the sale of new
cars in the  and the competition provided by internet-based brokers and
sellers, also pose risks to us. We have developed a significant on-line
presence in order to ensure exposure to these rapidly developing new avenues of
sale. In the area of aftersales, any improvement in the reliability and
durability of cars will reduce their need for servicing and repairs, and the
threat of increased competition from the independent service and repair sector
is now a permanent feature of the market. The Group's investment in maintaining
close relationships with its customers aims to generate customer loyalty and
mitigate the risk of aftersales work migrating to the independent sector.

Finally, the Group is dependent upon a number of business critical systems
which, if interrupted for a significant period of time, would be likely to have
a material effect on the smooth running of the Group's operational and
financial systems. A number of contingency plans are already in place to
minimise this risk and which aim to ensure that the Group could resume
operations within an appropriate period of time.


Key performance indicators ("KPIs")

The Group monitors performance by reference to seven KPIs. Performance, during
the current and prior year, is set out in the table below.

                                                            2013         2012
Segment profit percentage:

  * Sales                                                     6%           5%

  * Aftersales                                               21%          22%

New vehicle volumes                                          672          694

Used vehicle volumes:                                      1,101          844

Aftersales labour efficiency                                 86%          82%

Return on capital employed                                   13%          10%

Annual staff survey participation rate                       86%          80%

Net promoter score from annual staff survey                   39           16


Segment profit percentage for vehicle sales improved slightly from 2012 levels,
due to a significantly improved used car performance. However, profit
percentages achieved for aftersales fell marginally due to changes in sales
mix. Aftersales labour efficiency, defined as the hours sold by our technicians
as a percentage of their total hours worked, improved in the year as we reaped
the benefits of operational efficiencies during the period.

Return on capital employed improved significantly during 2013 due to a
combination of increased levels of profitability and tight controls over the
levels of working capital.

Net Promoter Score ("NPS") is a widely used management tool for gauging the
loyalty of a firm's relationships. NPS can be used with both staff and
customers, and serves as an alternative to traditional satisfaction research.
Staff are asked whether they would recommend H.R. Owen as a place to buy from
and then whether they would recommend the company as a place to work. From
individual scores an overall score for a business, ranging from -100 to +100,
can be calculated. An NPS that is greater than zero is considered good and an
NPS of more than 50 is considered excellent.


Chief Executive
26 March 2014


Unaudited Consolidated Income Statement

for the year ended 

                       Notes       Before  Exceptional      2013               2012
                              Exceptional        Items     Total              Total
                                    Items        £'000     £'000              £'000
                                    £'000

Continuing operations

Revenue                           261,096            -   261,096            243,516

Cost of sales                    (222,072)           -  (222,072)          (208,237)

Gross profit                       39,024            -    39,024             35,279

Other income                          730            -       730                304

Distribution costs                (19,465)         (42)  (19,507)           (17,303)

Administrative                    (15,594)      (1,365)  (16,959)           (14,993)
expenses

Operating profit                    4,695       (1,407)    3,288              3,287

Finance costs                        (980)           -      (980)            (1,571)

Finance income                         60            -        60                596

Profit before                       3,775       (1,407)    2,368              2,312
taxation

Taxation                             (643)          55      (588)              (906)

Profit for the year                 3,132       (1,352)    1,780              1,406
from continuing
operations

Profit for the year      6            233            -       233                325
from discontinued
operations

Profit for the year                 3,365       (1,352)    2,013              1,731
attributable to
owners of the parent

Earnings per share
from continuing
operations:

- Basic (pence per       3                                  7.4p               6.0p
ordinary share)

- Diluted (pence per     3                                  7.4p               6.0p
ordinary share)

Earnings per share:

- Basic (pence per       3                                  8.4p               7.3p
ordinary share)

- Diluted (pence per     3                                  8.4p               7.3p
ordinary share)


Unaudited Consolidated Statement of Other Comprehensive Income for the year
ended 

                                                            2013       2012
                                                           £'000      £'000

Profit for the year                                        2,013      1,731

Actuarial gains/(losses) recognised in defined               658       (581)
benefit pension scheme

Deferred taxation thereon                                   (132)       134

Tax benefit on special pension contributions

- deferred tax                                               (34)       (28)

- current tax                                                 38         29

Total other comprehensive income/(expense) for               530       (446)
the year

Total comprehensive income for the year                    2,543      1,285
attributable to owners of the parent

                                                            2013        2012
                                                           £'000       £'000

Total comprehensive income for the year:

From continuing operations                                 2,310         960

From discontinued operations                                 233         325

Total comprehensive income for the year                    2,543      1,285
attributable to owners of the parent


Unaudited Consolidated Balance Sheet

as at 

                                                Notes       2013       2012
                                                           £'000      £'000

Assets

Non-current assets

Intangible assets                                          3,145      3,145

Property, plant and equipment                     7        8,224      8,810

Deferred tax assets                                          228        699

Total non-current assets                                  11,597     12,654

Current assets

Inventories                                               44,962     39,848

Trade and other receivables                               10,518     10,627

Cash and cash equivalents                                 10,996      4,657

Other current interest-bearing deposits                        -      1,500

                                                          10,996      6,157

Total current assets                                      66,476     56,632

Liabilities

Current liabilities

Financial liabilities - borrowings                       (31,996)   (29,457)

Current tax liabilities                                      (80)      (892)

Trade and other payables                                 (29,504)   (24,138)

Total current liabilities                                (61,580)   (54,487)

Net current assets                                         4,896      2,145

Non-current liabilities

Deferred tax liabilities                                    (895)    (1,128)

Retirement benefit liability                      9           (5)    (1,074)

Total non-current liabilities                               (900)    (2,202)

Net assets                                                15,593     12,597

Equity attributable to owners of the parent

Ordinary shares                                            12,522    11,806

Share premium account                                        420          -

Retained earnings                                          2,651        791

Total equity                                              15,593     12,597


Unaudited Consolidated Statement of Changes in equity

for the year ended 
                                                         (Accumulated
                                                            deficit)/
                                     Orinary     Share       retained    Total
                                      Shares   Premium       earnings   equity
                                       £'000     £'000          £'000    £'000

At 1 January 2012                     11,806         -          (142)   11,664

Profit for the year                        -         -          1,731    1,731

Other comprehensive                        -         -          (581)     (581)
(expense)/income:

Actuarial losses recognised
in defined benefit pension
scheme

Deferred tax thereon                       -         -           134       134

Corporation tax benefit on
special pension contributions

- deferred tax                             -         -           (28)      (28)

- current tax                              -         -            29        29

Other comprehensive expense                -         -          (446)     (446)
for the year

Total comprehensive income                 -         -         1,285     1,285
for the year

Transactions with owners:                  -         -          (402)     (402)

Dividends paid

Share options:

- value of employee services               -         -            50        50

At 31 December 2012                   11,806         -           791    12,597

Profit for the year                        -         -         2,013     2,013

Other comprehensive                        -         -           658       658
(expense)/income:

Actuarial gains recognised
in defined benefit pension
scheme

Deferred tax thereon                       -         -          (132)     (132)

Corporation tax benefit on
special

pension contributions

- deferred tax                             -         -           (34)      (34)

- current tax                              -         -            38        38

Other comprehensive income                 -         -           530       530
for the year

Total comprehensive income                 -         -         2,543     2,543
for the year

Transactions with owners:                  -         -          (767)     (767)

Dividends paid

Shares issued in the year                716       420          (452)      684

Share options:

- value of employee services               -         -           536       536

At 31 December 2013                   12,522       420         2,651    15,593


Unaudited Consolidated Cash Flow Statement

for the year ended 

                                                Notes                     As
                                                                    restated
                                                            2013        2012
                                                           £'000       £'000

Cash flows from operating activities

Cash generated from operations                    8        7,589       1,657

Finance costs                                             (1,094)       (923)

Tax paid                                                  (1,344)       (558)

Tax recovered                                                 54          22

Net cash generated from operating activities               5,205         198

Cash flows from investing activities

Proceeds from sale of property, plant and                     12           7
equipment

Purchase of property, plant and equipment                 (1,371)       (846)

Finance income                                                76          30

Decrease/(increase) in other current                       1,500      (1,500)
interest-bearing deposits

Net cash generated from/(used in) investing                  217      (2,309)
activities

Cash flows from financing activities

Issue of new shares                                          684           -

Payment of dividends to shareholders              4         (767)       (402)

Receipt of other loans                                     1,000           -

Net cash generated from/(used in) financing                  917        (402)
activities

Increase/(decrease) in cash and cash                       6,339      (2,513)
equivalents

Cash and cash equivalents at 1 January                     4,657       7,170

Cash and cash equivalents at 31 December                  10,996       4,657

Explanatory notes to the Financial Information

1. Basis of preparation and statement of compliance

The consolidated financial information in this announcement does not constitute
statutory accounts within the meaning of section 434 of the Companies Act 2006.
Statutory accounts of the Group, on which the auditors will report, will be
delivered to the Registrar of Companies. The financial information has been
prepared using the recognition and measurement principles of International
Financial Reporting Standards ("IFRSs") as adopted by the  and
the Listing Rules of the . The comparative figures
for the year to  have been extracted from, but do not
constitute, the Group's statutory financial statements for that financial year.
Those financial statements have been reported on by the Group's auditors and
delivered to the Registrar of Companies. The report of the auditors was
unqualified, did not contain an emphasis of matter paragraph and did not
contain a statement under sections 498(2) or 498(3) of the Companies Act 2006.

The accounting policies adopted are consistent with those applied in the 2012
financial statements and Accounts.

Company details

The Company's registered address is , , London SW7
3TD. The Company is a public limited company and is incorporated and domiciled
in  and . The Company's registration number at  is
1753134.

New and forthcoming accounting standards

The following standard has been applied to the 2013 financial results:

  * Amendments to IAS19 Employee Benefits: The amendments require immediate
    recognition of actuarial gains and losses in other comprehensive income and
    eliminate the corridor method. The principal amendment that will affect
    most entities with a defined benefit plan is the requirement to calculate
    net interest income or expense using the discount rate used to measure the
    defined benefit obligation. The effect of adopting this Standard has been
    to reduce finance income in the period by £157,000. There is no effect on
    the net asset position. As a result of adopting IAS 19 (Revised) the
    finance cost and finance income for the prior year have both been reduced
    by £534,000 to reflect the net income or expense. There is no effect on the
    net asset or overall cash flow position.

There are no other new standards, amendments to standards, or interpretations
which are effective in 2013 that are relevant to the Group.

Going concern

The Group's business activities, together with the factors likely to affect its
future development, performance and position are set out above in the Business
Review. The directors remain convinced that the Group is well placed to manage
its business risks successfully.

Therefore, after making appropriate enquiries, the directors have a reasonable
expectation that the Company and the Group have adequate resources to continue
operating for the foreseeable future. For this reason they continue to adopt
the going concern basis in preparing the Group's financial statements.

2. Segmental reporting

The chief operating decision-maker has been identified as the board of
directors. The Board reviews the Group's internal reporting in order to assess
performance and allocate resources. Management has determined the operating
segments based on these reports.

The Board considers the business primarily from a product perspective,
assessing the performance of car sales (both new and used) and aftersales
(including servicing, parts and bodyshop).

The Board assesses the performance of the operating segments based on a measure
of adjusted operating profit, defined as gross profit less directly
attributable expenses. This measurement basis excludes the effects of
non-recurring income and expenditure from the operating segments, such as
exceptional gains on lease disposals and redundancy costs and other exceptional
items. Finance income and costs are not included in the result for each
operating segment that is reviewed by the Board. Other information provided to
the Board is measured in a manner consistent with that in the Financial
Statements.

For 2013 the Group is organised into two main business segments: the sale of
new and used motor vehicles and an aftersales operation consisting of the
servicing of vehicles, sales of parts and bodyshop repairs. Unallocated costs
represents shared property costs and depreciation of fixed assets, in addition
to background support services, such as finance, IT and marketing, and
corporate expenses which cannot be directly attributed to either business
segment.

The Group operates from a single geographical area, namely the .

Year ended                            Sales  Aftersales  Unallocated    Group
31 December 2013                      £'000       £'000        £'000    £'000

Continuing operations

Revenue - external customers        223,148      37,948            -  261,096

Segment result                       12,736       7,789      (15,830)   4,695

Exceptional charge                        -           -       (1,407)  (1,407)

Finance costs                             -           -         (980)    (980)

Finance income                            -           -           60       60

Profit before tax                    12,736       7,789      (18,157)   2,368

Taxation                                  -           -         (588)    (588)

Profit for the year from continuing  12,736        7,789     (18,745)   1,780
operations

Discontinued operations

Revenue - external customers              -           -            -        -

Segment result                            -           -          233      233

Finance costs                             -           -            -        -

Finance income                            -           -            -        -

Profit before tax                         -           -          233      233

Taxation                                  -           -            -        -

Profit for the year from discontinued     -           -          233      233
operations

Inventories                          41,846       3,116            -   44,962

Other segment assets                  1,813       3,174       16,527   21,514

Unallocated assets

- property, plant and equipment           -           -        8,224    8,224

- intangible assets                       -           -        3,145    3,145

- deferred tax                            -           -          228      228

Total assets                         43,659       6,290       28,124   78,073

Inventory stocking loans            (31,337)       (659)           -  (31,996)

Other segment liabilities           (20,697)     (1,098)      (7,789) (29,584)

Unallocated liabilities

- Deferred tax and other                  -           -         (900)    (900)
non-current liabilities

Total liabilities                   (52,034)     (1,757)      (8,689) (62,480)

Net assets/(liabilities)             (8,375)      4,533       19,435   15,593

The total segmental loss of £15,597,000 which cannot be allocated to either  or Aftersales segments includes depreciation charges of £1,948,000.
Similarly, other segment assets of £16,527,000 include capital expenditure of
£1,371,000.

Year ended                            Sales  Aftersales  Unallocated    Group
31 December 2012                      £'000       £'000        £'000    £'000

Continuing operations

Revenue - external customers        209,511      34,005            -  243,516

Segment result                        9,626       7,354      (13,693)   3,287

Finance costs                             -           -       (1,037)  (1,037)

Finance income                            -           -           62       62

Profit before tax                     9,626       7,354      (14,668)   2,312

Taxation                                  -           -         (906)    (906)

Profit for the year from continuing   9,626       7,354      (15,574)   1,406
operations

Discontinued operations

Revenue - external customers              -           -            -        -

Segment result                            -           -          325      325

Finance costs                             -           -            -        -

Finance income                            -           -            -        -

Profit before tax                         -           -          325      325

Taxation                                  -           -            -        -

Profit for the year from                  -           -          325      325
discontinued operations

Inventories                          36,623       3,225            -   39,848

Other segment assets                  3,684       1,832       11,268   16,784

Unallocated assets

- property, plant and equipment           -           -        8,810    8,810

- intangible assets                       -           -        3,145    3,145

- deferred tax                            -           -          699      699

Total assets                         40,307       5,057       23,922    69,286

Inventory stocking loans            (28,975)       (482)           -  (29,457)

Other segment liabilities           (15,779)       (781)      (8,470) (25,030)

Unallocated liabilities

- Deferred tax and other                  -           -       (2,202)  (2,202)
non-current liabilities

Total liabilities                   (44,754)     (1,263)     (10,672) (56,689)

Net assets/(liabilities)             (4,447)      3,794       13,250   12,597

The total segmental loss of £13,368,000 which cannot be allocated to either  or Aftersales segments includes depreciation charges of £1,918,000.
Similarly, other segment assets of £11,268,000 include capital expenditure of
£846,000.

3. Earnings per share

                                                         2013          2012
                                                    Pence per     Pence per
                                                      ordinary     ordinary
                                                        share         share

Basic and diluted earnings per share                      7.4           6.0

- continuing operations                                   1.0           1.3

- discontinued operations

Total basic and diluted earnings per share                8.4           7.3

Basic earnings per share is calculated by dividing the earnings attributable to
owners of the parent by the weighted average number of ordinary shares
outstanding during the year. The calculation of basic earnings per share is
based on the profit after taxation of £2,013,000 (2012: £1,731,000) and the
weighted average number of shares in issue during the period of 23,936,368
(2012: 23,611,742).

For diluted earnings per share, the weighted average number of ordinary shares
in issue is adjusted to assume conversion of all dilutive potential ordinary
shares which are currently exercisable and where the exercise price is less
than the prevailing market share price. The Group has currently has no classes
of dilutive potential ordinary shares.

4. Dividends

                                                              2013      2012
                                                             £'000     £'000

Final dividend paid for the year ended 31 December 2012       295        165
of  (2011: ) per ordinary 
share

Interim dividend paid for the year ended 31 December 2013      472       237
of  (2012: ) per ordinary 
share

                                                               767       402

The directors are recommending the payment of a final dividend for the year
ended  of  per ordinary share, to be paid on , to shareholders on the register at the close of business on .

5. Exceptional charge
                                                               Group
                                                           2013        2012
                                                          £'000       £'000

Costs associated with takeover                            1,407           -

During the year the Company received an unsolicited offer which ultimately
resulted in Berjaya Philippines Inc acquiring a 71.2% shareholding in . The professional fees associated with the Company's initial defence of the
bid along with accounting charges and employment costs associated with the
grant of awards under the Long Term Incentive Plan as a direct result of the
bid amounted to £1,407,000.

6. Discontinued operations
                                                                 Group
                                                              2013      2012
                                                             £'000     £'000

Revenue                                                          -         -

Cost of sales                                                    -         -

Gross profit                                                     -         -

Other income                                                   233       325

Distribution costs                                               -         -

Administrative expenses                                          -         -

Operating profit                                               233       325

Finance costs and similar charges                                -         -

Finance income                                                   -         -

Profit before taxation                                         233       325

Taxation                                                         -         -

Profit for the year from discontinued operations               233       325

The Group has disposed of various businesses over recent years, solely by sale
of trade and assets. As a result of these transactions, a number of residual
liabilities were retained by the Group which relate to pre-disposal trading and
the sale processes. At  the Group has reassessed these balances
and released £233,000 of accruals and deferred income balances no longer
required to profit in the year. Remaining residual liabilities will continue to
be assessed in future periods.

In , the Group closed its  dealership in , London
and relinquished the franchise back to the manufacturer. In , the
lease was surrendered back to the landlord in return for a cash premium of £
325,000.

Discontinued operations had no effect on the Group's cash flow statement in the
current year. In the prior year, discontinued operations generated a cash
inflow of £325,000.

7. Property, plant and equipment

Year ended 31 December 2013         Long        Short
                               leasehold    leasehold   Plant and
                                premiums improvements   equipment       Total
                                   £'000        £'000       £'000       £'000

Cost

At 1 January 2013                   300        10,474       4,738      15,512

Additions                             -           746         625       1,371

Disposals                             -          (340)       (399)       (739)

At 31 December 2013                 300        10,880       4,964      16,144

Accumulated depreciation

At 1 January 2013                   238         4,274       2,190       6,702

Charge for the year                  28         1,101         819       1,948

Eliminated on disposals               -          (340)       (390)       (730)

At 31 December 2013                 266         5,035       2,619       7,920

Net book value                       34         5,845       2,345       8,224

At 31 December 2013

Net book value                       62         6,200       2,548       8,810

At 31 December 2012

Long leasehold land and buildings includes a net book value of £34,000 (2012:
£62,000) in respect of premiums on long leaseholds with less than 50 years to
expiry.

Year ended 31 December 2012         Long        Short
                               leasehold    leasehold   Plant and
                                premiums improvements   equipment       Total
                                   £'000        £'000       £'000       £'000


Cost

At 1 January 2012                   458        10,486       4,816      15,760

Additions                             -           506         340         846

Disposals                          (158)         (518)       (418)     (1,094)

At 31 December 2012                 300        10,474       4,738      15,512

Accumulated depreciation

At 1 January 2012                   368         3,721       1,778       5,867

Charge for the year                  28         1,071         819       1,918

Eliminated on disposals            (158)         (518)       (407)     (1,083)

At 31 December 2012                 238         4,274       2,190       6,702

Net book value                       62         6,200       2,548       8,810

At 31 December 2012

Net book value                       90         6,765       3,038       9,893

At 31 December 2011

8. Cash flows from operating activities

Reconciliation of net profit to net cash flows from operating activities:

                                                               2013      2012
                                                              £'000     £'000

Continuing operations                                         1,780     1,406

Profit for the year

Adjustments for:

Tax charge                                                      588       906

Depreciation charge                                           1,948     1,918

(Profit)/loss on disposal of                                     (3)        5
property, plant

and equipment

Share option charge/(credit)                                    536        50

Finance income                                                  (60)      (27)

Finance costs                                                   980        36

Changes in working capital:

(Increase)/decrease in inventories                           (2,635)    1,790

Decrease/(increase) in trade and                                 93    (2,127)
other receivables

Increase/(decrease) in trade and                              4,467    (3,515)
other payables

Excess of pension contributions over                           (105)      (76)
current service cost

Cash generated from continuing                                7,589     1,332
operations

Discontinued operations

Profit for the year                                             233       325

Decrease in trade and other payables                           (233)        -

Cash generated from/(used in)                                    -        325
discontinued operations

Cash generated from operations                                7,589     1,657

9. Retirement benefit liability

The Group operates the H.R. Owen London Defined Benefit Pension Scheme, a
defined benefit pension scheme, which operates on a pre-funded basis. The
funding policy is to contribute such variable amounts as, on the advice of the
Scheme's actuary, will achieve a 100% funding level on a projected salary
basis. Actuarial assessments covering expense and contributions are carried out
by independent qualified actuaries, with the last such completed review being
carried out as at . The Scheme was closed to future accrual during
2013.

The Scheme currently operates in a deficit position and, as a result,  agreed with the Scheme's trustees that the Group would make an additional
annual contribution of £50,000 in  and  and, if the Scheme
remained in a deficit position, a further payment of £50,000 in 2013. By
agreement between the Company and the Trustees, the cash payment for 2013 was
increased from £50,000 to £100,000. All payments scheduled have been made to
the Scheme.  also makes additional monthly contributions of £4,000
to the Scheme, with these additional monthly contributions continuing whilst
the Scheme remains in a deficit position.

10. Related party transactions

 holds shares in  equivalent to 26.3% (2012:
27.9%) of the Company's issued share capital and, accordingly has been deemed
to be a related party throughout the year under review.

The Group operates four Bentley franchises for new and used car sales, through
its  and Broughtons of  subsidiaries. The
Group also operates five Bentley aftersales franchises from its service and
bodyshop facilities through its , Broughtons of  and  subsidiaries. During the year, the
Group purchased a total value of vehicles and parts from 
of £74.9 million (2012: £61.1 million). At  an amount of £0.8
million (2012: £1.0 million) was owed by the Group to .
All transactions were conducted on an arm's length basis and under normal
commercial terms.

During 2013, two directors each purchased a car each from the Group with a
combined cost of purchase of £378,000. As part of these transactions £223,000
was allowed for cars taken in as part exchange. All of these transactions were
conducted on an arm's length basis and under normal commercial terms and no
amounts remain outstanding at .

11.Ultimate parent company and controlling party

The immediate parent undertaking is Berjaya Philippines Inc, a company
incorporated in  and listed on the Philippine Stock Exchange.
The ultimate parent undertaking is Berjaya Corporation Berhad, a company
incorporated in  and listed on the Main Market of Bursa Malaysia
Securities Berhad, .

The largest group in which the results of the company are consolidated is that
headed by Berjaya Corporation Berhad, incorporated in .  The
consolidated accounts are available to the public and may be obtained from The
Company Secretary, Berjaya Corporation Berhad, Lot 13-01A, Level 13 (East
Wing), , No. 1 Jalan Imbi, 55100 .

12. Responsibility statement

The responsibility statement below has been prepared in connection with the
Company's financial statements for the year ended , certain
parts of which are not included within this preliminary announcement.

We confirm that to the best of our knowledge:

  * The financial statements, prepared in accordance with International
    Financial Reporting Standards as adopted by the , give a true
    and fair view of the assets, liabilities, financial position and profit of
    the Company and the Group; and

  * The Chairman's Statement and Business Review include a fair review of the
    performance of the business and the future outlook for the Company and the
    Group, together with a description of the principal risks and
    uncertainties.

The results for the year ended , and these preliminary
financial statements, were approved by the board of directors on .


Joe Doyle                Mike Warren
Chief Executive          Finance Director31 December 201331 December 201331 December 2012August
2011July 2013September 201315 April 201431 December 201323 May 201425 April 201431 December 2013November 201331 December 201331 December 201331 December 201331 December 201331 December 201331 December 201231 December 201323 May
201425 April
201431 December 2013March 2011March 20125 April 2010May 2011May 201231 December 201331 December 201331 December 201331 December 201326 March 201413.1 pence6.0 pence8.4 pence7.3 pence2.0 pence1.25 pence2 pence4 pence130 pence170 pence13.1 pence6.0 pence7.4 pence6.0 pence8.4 pence7.3 pence1.25 pence2.0 pence2.0 pence1.25 pence0.7 pence50 pence2.0 pence1.0 pence50 pence2.0 penceJoe DoyleJoe DoyleMike WarrenMarc MilmoCarl HolmesAston MartinHarold Rolfe OwenJon
WaldenAston
MartinJack Barclay BentleyBentley SurreyLamborghini and Rolls-Royce LondonJoe DoyleMelton CourtCar
SalesCar
SalesAlfa RomeoH.R.Owen PlcMaseratiBentley Motors LimitedMaseratiJack BarclayMaseratiCar Dealer
    magazineEuropean UnionFinancial Services AuthorityCompanies HouseH.R. Owen
PlcH.R. Owen
PlcH.R. Owen PlcBentley Motors LimitedH.R. Owen PlcJack Barclay LimitedCheltenham LimitedJack Barclay LimitedCheltenham
LimitedH.R. Owen Dealerships LimitedBentley Motors LimitedBentley Motors LimitedEuropean Unionhttp://www.hrowen.co.ukwww.hrowen.co.ukBerkshireBerkshireGloucestershireHertfordshireManchesterEnglandUKUKUKUKEuropeUKUKOld Brompton RoadEnglandWalesUnited KingdomChelseathe PhilippinesMalaysiaMalaysiaMalaysiaBerjaya Times SquareKuala Lumpur, Malaysia

Quick facts: HR Owen

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Market: LSE
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