In An Ironic Twist Ferrari Flourishes In Britain

While many British residents struggle to heat their homes and keep food on the table, others are purchasing luxury automobiles. It is surprising to hear that luxury automaker Ferrari experienced another banner month in Britain when many people cannot afford even the least expensive new car without car finance. Thank goodness car loans are cheap these days, or this second group would be biking to work in the snow.

The board of directors at Ferrari met recently and discussed the company’s 2011 financial results through September 30. Following the meeting, they issued a statement that the automaker is experiencing an excellent year worldwide, including within the UK. The board acknowledged the fact that while this has been one of the worst years economically for many countries, it has been “truly extraordinary” for Ferrari.

For the nine months through September 2011, total company revenue increased 18.9 percent, reaching 1.6 billion euro. On an annualized basis, the total number of Ferraris sold increased by an amazing 12.3 percent. This seems difficult to believe, since this brand is one of the most expensive on the market and fewer people have enough disposable income to afford it.

Ferrari’s trading profit during the first nine months of 2011 hit a record 212 million euros, 10.9 percent higher than the figure realized during this same period last year. The Middle East represented the highest percentage growth in sales, coming in at 23 percent. Only slightly behind it in the number two spot was the UK, with a 21 percent growth in sales.

The largest market for Ferraris is represented by the U.S. and Canada, which experienced a 14.5 percent growth rate. Taiwan and China represent the second largest market for Ferraris worldwide. Germany and Australia are two other actively growing markets, with sales increasing by 15.1 and 17 percent, respectively.