Europe's economic problems sees UK become biggest Ferrari market in Europe

Ferrari increased its profits by 20 per cent in the first six months of 2013, with the UK becoming the biggest European market for Ferrari, ahead of Germany.

The Ferrari F12 (pictured) helped Ferrari to strong profits in the first half of 2013

The economic crisis in the Eurozone has seen Ferrari’s sales in countries like Italy and Spain plummet, and Greece managed just one sale in 2012 (and even that came to the UK).

But Ferrari have a plan to keep profitability by limiting supply and achieving stronger revenues for the sale they do make – with stuff like Ferrari’s bespoke Atelier and Tailor Made services and Classiche work adding more revenue – to keep them powering forward, and it seems to be working despite poor sales in many European countries.

In fact, despite an increase of just 2.8 per cent in volume, Ferrari has managed to increase their profits in the first six months of 2013 by an impressive 20 per cent, with total sales of 3,767 and net profits of €1.22 million.

That’s thanks not only to Ferrari’s aim of yielding more profits from sales, but from increases in sales outside Europe, with the Middle East (up 39 percent) and Japan (up 28 per cent) helping offset a drop in European sales.

But there were some beacons of light in Europe, with Germany achieving a 1 per cent growth and the UK 6 per cent, which means the UK is now Ferrari’s biggest market in Europe (almost four times the size of Italy).

Luca di Montezemolo said:

Once again in the first six months of 2013, Ferrari has recorded excellent results. Two months ago, we took a strategic decision the effects of which will be felt more clearly over the next six months. However, that move is already beginning to make its mark.
An increase of just over 2% in volumes has been matched by 20% growth in EBIT which is and will remain our primary objective along with maintaining the exclusivity and value of our cars over time.

There may be dark patches on the planet for Ferrari, but no one can argue this isn’t a strong set of figures from a supercar maker in relatively troubled times.