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A spring in the step of the Prancing Horse

Ferrari goes from strength to strength

Photograph: Getty Images

The UK may have entered a double dip recession but that doesn’t seem to have impeded the spring in the step of the Prancing Horse.

While the rest of us are counting the pennies and praying the motor gets through its next MoT, luxury car brand Ferrari goes from strength to strength.

Perhaps the super rich, put off philanthropy by the Government’s tax shenanigans, have decided to splash out on 200 grand sports cars instead.

Ferrari grew UK sales by 31 per cent in the first quarter of the year with 177 models delivered to customers. This performance outstripped encouraging results in other markets, which saw sales rise 16 per cent in the USA, 24 per cent in Germany and 23 per cent in the Middle East.

Overall, revenues were up 13 per cent to 556m Euro with net profit leaping 17 per cent to 42m Euro.

Ferrari said the success resulted from enthusiasm for the 12-cylinder FF, the continuing popularity of the 8-cylinder California, its top selling GT, and demand for the coupe and spider versions of the 458 sports car. Ferrari pointed out that the F12 Berlinetta, its most powerful ever model and the first in a new generation of V12s made no contribution to the first quarter results as deliveries do not start until the second half of the year.

In its native Italy however, the Fiat-owned marque suffered a downturn, selling 121 cars – a drop of 34 per cent compared to thefirst quarter of 2011.

Ferrari blamed this on the economic situation and "the local government’s recent financial initiatives". A clampdown on tax fraud coupled with a hike in car taxes have curbed the traditional Italian enthusiasm for high performance sports cars.

Ferrari has expanded its retail network in the UK with prestige car dealers JCT600 and HR Owen opening new showrooms this year.

James Dallas is deputy editor of What Van?