Ferrari defies slowdown in luxury sector as revenue jumps to £1bn

September 14, 2012 | by | 0 Comments

Ferrari defied the economic slump and revealed record sales figures today as wealthy car enthusiasts clamour to buy new and classic models.

The supercar firm sold 3,664 road cars in the first six months of this year with revenues of £971 million – an increase of 11.9 per cent. Net profit for the firm was £81 million, up 10 per cent year on year.

It is not just new Ferraris which are experiencing a sales boom, with one used dealer specialising in classic models reporting staggering results.

Revenues at Ferrari have jumped to £1bn as the super-rich buy luxury sports cars

Revenues at Ferrari have jumped to £1bn as the super-rich buy luxury sports cars

In the past week alone, Ascot-based Talacrest has sold SIX vintage models worth more than £18 million.

John Collins, who runs the firm, described the past week as “not too shabby”.

He said: “I’m getting all these new customers because people are desperate to get their hands on classic Ferraris.

“I’ve sold six worth £18 million in the past week and I’ve got £10 million of orders – it’s just a case of finding the right cars.

“This week I managed to buy two classic Ferraris and I sold one of them before it was even delivered to me.”

Meanwhile, sales of new Ferraris in the UK rose by 43 per cent with 393 cars delivered in the first six months.

This was down to the launch of the new FF model and continued success of the 458 Italia and California models.

Luca di Montezemolo, Ferrari chairman, said: “These results, achieved against a still highly challenging international economic backdrop, are first and foremost a reward for our constant and significant investment in technological innovation.

“The completely new range we are now in a position to offer clients across the globe means we can look forward to ending 2012 having improved still further on last year’s financial performance.”

There were fears for the luxury sector of the global economy earlier this week when Burberry shares fell 21 per cent amid a worsening outlook in China.

Other firms are expected to follow suit, but the bright outlook for Italy-based Ferrari suggests there may be some optimism for the sector.

Category: Auto

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