PRESTIGE vehicle specialists H R Owen has reported a 53% cut in pre-tax profits for the year to December 31, 2000 of £1.8 million (1999: £3.8 million) on turnover up 4% to £497.6 million (1999: £480.5 million).

The company, which operates from 44 showrooms, says that following a year of 'continuing change and exceptionally difficult trading conditions' it is now 'well placed to capitalise on future opportunities'.