HR OWEN PLC                                  

                  RESULTS FOR THE YEAR ENDED 31 DECEMBER 2002                  

                                  HIGHLIGHTS                                   

* "We are confident that our ongoing disposal and acquisition programme will
put us in a strong position to take advantage of the significant new
opportunities presented by the structural change in the sector, which favours
larger, well-financed groups with strong franchise portfolios."

* "Accordingly, we expect to achieve a further improvement in profitability."

  * Profit on ordinary activities before tax increased by 15%
   
  * Earnings per share 7.8p
   
  * Final dividend of 5p making 10p for the year
   
  * Gearing down to 35%
   
* Extracts from the Chairman's Statement.

                             Chairman's Statement                              

Results and Dividends

The Group's positive response to the major changes affecting franchising in the
EU made 2002 an extremely challenging year on the corporate front. Five
franchises were acquired, four were sold and one was closed.

The trading results generally reflect the downturn in the Central London retail
economy and a mixed performance across the Group, with some brands performing
strongly on the back of record new-car registrations, whilst other brands have
suffered from the late arrival of new models.

In the year to 31 December 2002, turnover fell by 7 per cent to �490 million
(2001: �529 million), largely as a result of our recent disposal programme.
Pre-tax profit was �2.3 million (2001: �2.0 million), an increase of 15 per
cent. After tax profit was �1.5 million (2001: �1.3 million) and earnings per
share were 7.8 pence (2001: 6.7 pence).

During the period, we fully wrote off the cost of the Group's investment in
Enabol, an e-commerce business (�0.6 million), and similarly wrote off our
investment in the Jensen Car Company (�0.2 million).

Expenditure on acquisitions was �5.6 million and gross capital expenditure
totalled �2.4 million.

At 31 December 2002, net borrowing (excluding manufacturers' vehicle stocking
loans) was �8.9 million, resulting in gearing of 35 per cent (2001: 53 per
cent). Interest cover over the year was 2.0 times (2001: 1.7 times).

The directors are recommending a final dividend of 5 pence per share, making 10
pence for the full year (2001: 10 pence).

The Motor Industry 2002

New vehicle registrations at 2.56 million were a record and represented a 4.3
per cent increase on 2001, firmly establishing the UK as the second largest
market behind Germany in the EU. This unprecedented level of sales, almost 1
million higher than a decade ago, was not however reflected uniformly across
market segments or territories. The deterioration in the Central London economy
that began in 2001 continued throughout 2002, especially for the more
specialist brands. In addition, the competition between manufacturers put
pressure on dealers' profit margins, and the brands without diesel-engine
options continued to lose market share.

Against this trading backdrop, the restructuring of the industry, leading up to
and following the new Block Exemption Order in October, has progressed through
2002. Most manufacturers have now served notices of termination for their
current dealer contracts, and the new agreements, which will reflect the
changes coming into force later in the year, are gradually being implemented.
Manufacturers are in the process of issuing separate agreements for the sale of
vehicles and the provision of aftersales activities. We will be taking both
agreements for each of our businesses.

It is fair to say that the final outcome for the industry is perhaps clearer
now than it has been for some time, but the reorganisation arising from the
changes will probably take another 18 months to implement. Most industry
insiders believe these changes will particularly benefit the stability, growth
and profitability of larger groups, such as HR Owen.

Review of Business

2002 represented the most complicated period in the Group's history as we
responded to the major changes stemming from the Block Exemption review.
Despite the heavy burden on management time and a period of reduced
profitability, the outcome is better than we could have predicted at any time
during the last few years.

Our strategy to move the Group to a specialist-brands business, where our
expertise and geographical sites benefit the most, appears to have been timely
and successful. Specialist brands are now expected to expand by 40 per cent to
50 per cent over the next decade, and already have the most consistent
profitability record in the industry. 88 per cent of the Group's business is
now with the brands of four manufacturers through thirty-five sites. Having
been awarded 13 of the new enlarged territories, we have managed to diversify
the geographical dependence on the heavy costs of Central London by spreading
the territories across Greater London, the Home Counties, East Anglia and
Sussex, the largest market for specialist cars in the UK.

During the period under review, the Company has continued with its installation
of a leading-edge computer system, backed by a comprehensive staff re-training
programme. This system is designed to both control costs and increase
efficiency and productivity across all disciplines of our business and to
generate economies through operating these new single-brand super territories.
We believe that the considerable investment in this system will result in
significant improvements in productivity across the Group.

On the marketing side, our new CRM programme has resulted in a major
improvement in the provision of total customer service and is clearly
increasing our ability to build long-term relationships with customers,
particularly ensuring we maximize service and parts opportunities that were not
previously captured.

Sports Cars Division

Ferrari, Maserati, Porsche, Lotus, Noble

Following the complete reorganisation in 2001 of our two sports car centres in
Hertfordshire and West London, 2002 proved to be a period of consolidation. We
continue to hold strong forward orders for all marques, including the new
Ferrari 575, Maserati coup� and convertible, and Lotus Elise.

Our Porsche business has continued to provide excellent results and the launch
of the new Cayenne is eagerly awaited.

Earlier in the year, we commenced deliveries from our site in St Albans of the
new Noble sports car, which has been well received.

DaimlerChrysler

Mercedes-Benz Car, Mercedes-Benz Van, Chrysler/Jeep, Smart

Previously, we announced significant changes to the Mercedes-Benz passenger car
franchising, whereby the Group was appointed as one of twenty-seven third party
dealers (along with the manufacturers' retail division) to operate the
passenger car franchising in the UK.

In July, we acquired the assets and business of two additional Mercedes-Benz
franchises at Redhill in Surrey and Eastbourne in Sussex, and are committed to
acquiring the Brighton franchise in July this year. These three dealerships,
with the Group's existing outlets in Gatwick and Crawley, will complete the new
market area for both the Mercedes-Benz and Smart brands.

As part of the franchise reorganisation at the end of May, we sold the assets
for our London Mercedes-Benz dealership (which operated three branches at
Chelsea, Wandsworth and Knightsbridge). This was achieved on terms that,
including goodwill, provided a surplus over book value. At the end of July, we
also disposed of our Kent Mercedes-Benz dealership (with branches at Bromley
and Orpington) for a surplus over book value.

Whilst these disposals and acquisitions have affected the normal smooth running
of the Mercedes-Benz division and temporarily reduced profitability year on
year, the results have remained in line with our earlier forecast.

During the year we consolidated the two Chrysler businesses under one
management with excellent results and have agreed with Chrysler that, in time,
these businesses will feature in a larger market area. The new Jeep Cherokee
has sold extremely well during the year, and we now await further new model
introductions.

Premier Automotive Group

Jaguar, Land Rover, Volvo

During the year, the Group was awarded two of the new market areas for Jaguar,
Land Rover and Volvo in North-West London and East Anglia.

In the East Anglia area, we acquired in July two Volvo franchises in Ipswich
and Colchester, and a Land Rover dealership in Bury St Edmunds. In March 2003,
a Jaguar franchise was incorporated at the Bury St Edmunds premises, and the
Volvo franchise at Colchester was relocated alongside Land Rover.

In Spring 2002, a new Range Rover was introduced, and orders for the remainder
of the year outstripped supplies. We now await the introduction of new models
from Jaguar and Volvo, particularly as customer interest is already very
strong.

Despite the existing dealerships performing overall at record levels, we are
currently undergoing an inevitable period of disruption as we meet the
challenge of reorganising and integrating the new businesses and acquiring and
redeveloping others.

Volkswagen Group Brands

Audi, Volkswagen, Volkswagen Van, SEAT, Bentley, Lamborghini

The Group's two Audi franchises performed very well during the year, and we
have now entered into detailed negotiations to expand the number of outlets to
create a substantial market area. Audi products continue to gain a strong
following, and new A8 and A3 models will further stimulate an already excellent
vehicle line up.

At the end of 2001, we confirmed that we had completed the acquisitions to
assemble our new London market area for Volkswagen. We have now completed a
full refurbishment of three of the Volkswagen sites to the manufacturer's
standards, and are now searching for a suitable new location for the Hayes
franchise. When this is finished, it will complete the property requirements
for the territory.

The Volkswagen franchise continues to make a healthy return and, in addition,
will soon benefit from new model introductions for the Touareg 4-wheel drive
and Touran people carrier.

Late in 2000, the Group acquired the famous Jack Barclay Rolls-Royce and
Bentley franchise in London which, until recently, has operated alongside the H
R Owen franchise in Kensington. Due to the split in ownership (Bentley to VW
and Rolls-Royce to BMW) we have now agreed with Bentley to represent them by
consolidating all of the operations for the marque in Berkeley Square (the Jack
Barclay premises), with the aftersales being carried out at our service centres
in Nine Elms and School Road. On this basis, we will be carrying out a
substantial refurbishment programme on Berkeley Square later in the year to
create the world's number one experience centre for the brand.

This year Bentley will introduce the "Continental GT", the first in a
generation of all-new models. Currently, we hold three years' forward orders,
and it is planned that the new refurbished facilities in Mayfair will open to
coincide with the new model launch.

Lamborghini, for which we are the sole UK official dealer, recorded strong
results in 2002, boosted by the introduction of the new model, Murcielago.
Demand has been overwhelming, with forward orders held well into the future. A
further new smaller model, the Gallardo, will be introduced later this year,
and we hold strong forward orders. The brand has recently relocated to our
showroom in Kensington, which is currently being refurbished to the latest
Lamborghini corporate standards. This will include a Lamborghini boutique,
which will sell the manufacturers' growing range of designer accessories. A
second dealership is being refurbished in Greater Manchester and will open in
October.

BMW

BMW, Mini, Rolls-Royce

The BMW franchise at Holland Park continues to provide an outstanding return,
with the new 7 series proving a great success during the year. The new Mini
franchise has also had a very good year, with demand in London continuing to
outstrip supply.

In March 2003, negotiations were concluded to develop a new BMW dealership at
Park Royal in London, which will be completed in the second quarter of 2004

In January this year, BMW took over responsibility for the Rolls-Royce marque,
and the new factory at Goodwood is on schedule to produce the new model for
customer deliveries in April. Currently, we hold good forward orders and are
expecting the car to be positively received. We will shortly be moving the
franchise to new premises in Park Lane, London.

Lexus

The Group's Lexus dealership at Hatfield has had another good year, although we
expect the return to improve still further when new models are introduced in
2004/5. The Hertfordshire market territory provides an excellent area to
continue expanding the business.

Citro�n, Toyota

In April, we closed our Citro�n franchise in Slough, which had been
unprofitable for some time and continued to generate substantial operating
losses up until closure.

In July, we sold the assets and business of our Slough Toyota franchise to the
market territory operator.

Staff

2002 has proved to be a particularly demanding year for all our staff, and yet
again they have risen to the challenge admirably. I would therefore like to
thank them once more for their continuing dedication and loyalty.

Outlook for 2003

Although the outlook for the industry this year is generally cautious, new car
sales are expected to fall by 7 per cent and competition in the aftersales
sector is expected to stiffen. Nevertheless, in the second half we will
commence customer deliveries of a number of important new model introductions
(for which we hold strong forward orders), which should offset the impact of
the expected fall in new car sales. We are confident that our ongoing disposal
and acquisition programme will put us in a strong position to take advantage of
the significant new opportunities presented by the structural change in the
sector, which favours larger, well-financed groups with strong franchise
portfolios.

Whilst the process of reorganisation continues unabated, business disposals are
not expected to generate losses and a number of new business acquisitions will
have a positive impact on profits within the year. Although consumer confidence
is currently at a low ebb due to world events and economic uncertainty, the
Group will benefit from the reorganisation of recent years. Accordingly, we
expect to achieve a further improvement in profitability.

John P MacArthur

Chairman

19 March 2003

H.R. OWEN PLC                                                                  
                                                                               
UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT                                 
                                                                               
for the year ended 31 December 2002                                            
                                                                               
                                                               2002        2001
                                                                               
                                                              �'000       �'000
                                                                               
Turnover                                                                       
                                                                               
Continuing operations                                       463,738     528,962
                                                                               
Acquisitions                                                 26,037         ---
                                                                               
                                                            _______     _______
                                                                               
                                                            489,775     528,962
                                                                               
Cost of sales                                             (412,421)   (449,889)
                                                                               
                                                            _______     _______
                                                                               
Gross profit                                                 77,354      79,073
                                                                               
Net operating expenses                                     (73,145)    (73,806)
                                                                               
                                                            _______     _______
                                                                               
Operating profit                                              4,209       5,267
                                                                               
                                                            _______     _______
                                                                               
Operating profit                                                               
                                                                               
Continuing operations                                         4,099       5,267
                                                                               
Acquisitions                                                    110         ---
                                                                               
                                                            _______     _______
                                                                               
                                                              4,209       5,267
                                                                               
Loss on closure of business                                 (1,456)         ---
                                                                               
Profit on disposal of properties                              1,434         ---
                                                                               
Profit/(loss) on disposal of businesses                       1,133       (215)
                                                                               
Amounts written off investments                               (789)         ---
                                                                               
                                                            _______     _______
                                                                               
Profit on ordinary activities before interest and             4,531       5,052
taxation                                                                       
                                                                               
Interest receivable and similar income                           61           1
                                                                               
Interest payable and similar charges                        (2,282)     (3,042)
                                                                               
                                                            _______     _______
                                                                               
Profit on ordinary activities before taxation                 2,310       2,011
                                                                               
Taxation on profit on ordinary activities                     (827)       (754)
                                                                               
                                                            _______     _______
                                                                               
Profit on ordinary activities after taxation                  1,483       1,257
                                                                               
Dividends                                                   (1,902)     (1,878)
                                                                               
                                                            _______     _______
                                                                               
Retained loss for the year                                    (419)       (621)
                                                                               
                                                            _______     _______
                                                                               
Earnings per share                                             7.8p        6.7p
                                                                               
Diluted earnings per share                                     7.8p        6.7p
                                                                               
Dividend per share                                            10.0p       10.0p

H.R. OWEN PLC                                                                  
                                                                               
UNAUDITED CONSOLIDATED BALANCE SHEET                                           
                                                                               
at 31 December 2002                                                            
                                                                               
                                                               2002        2001
                                                                               
                                                              �'000       �'000
                                                                               
Fixed assets                                                                   
                                                                               
Intangible fixed assets                                       5,610       5,445
                                                                               
Tangible fixed assets                                        14,973      16,905
                                                                               
Other investments                                               200         889
                                                                               
                                                             ______      ______
                                                                               
                                                             20,783      23,239
                                                                               
Current assets                                                                 
                                                                               
Stocks and work in progress                                  72,258      67,473
                                                                               
Debtors                                                      20,352      20,158
                                                                               
Cash at bank and in hand                                        683          30
                                                                               
                                                             ______       _____
                                                                               
                                                             93,293      87,661
                                                                               
Creditors: amounts falling due                                                 
                                                                               
within one year                                            (87,042)    (84,292)
                                                                               
                                                             ______      ______
                                                                               
Net current assets                                            6,251       3,369
                                                                               
                                                             ______      ______
                                                                               
Total assets less current liabilities                        27,034      26,608
                                                                               
Creditors: amounts falling due                                                 
                                                                               
after more than one year                                    (1,289)     (2,525)
                                                                               
Provision for liabilities and charges                         (140)       (288)
                                                                               
                                                             ______      ______
                                                                               
Net assets                                                   25,605      23,795
                                                                               
                                                             ______      ______
                                                                               
Capital and reserves                                                           
                                                                               
Called-up share capital                                      19,027      18,787
                                                                               
Share premium account                                        11,916      11,839
                                                                               
Profit and loss account                                     (5,338)     (6,831)
                                                                               
                                                             ______      ______
                                                                               
Equity shareholders' funds                                   25,605      23,795
                                                                               
                                                             ______      ______

H.R. OWEN PLC                                                                  
                                                                               
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT                                     
                                                                               
for the year ended 31 December 2002                                            
                                                                               
                                                               2002        2001
                                                                               
                                                              �'000       �'000
                                                                               
Net cash inflow from operating activities                     6,791       7,342
                                                                               
                                                             ______      ______
                                                                               
Return on investments and servicing of finance                                 
                                                                               
Interest received                                                61           1
                                                                               
Interest paid                                               (2,277)     (2,999)
                                                                               
Interest element of finance lease and hire purchase             (5)        (43)
rental payments                                                                
                                                                               
                                                             ______      ______
                                                                               
Net cash outflow from returns on investments and                               
servicing                                                                      
                                                                               
of finance                                                  (2,221)     (3,041)
                                                                               
                                                             ______      ______
                                                                               
Net corporation tax paid                                    (1,111)       (768)
                                                                               
                                                            _______      ______
                                                                               
Capital expenditure and financial investment                                   
                                                                               
Purchase of tangible fixed assets                           (2,432)     (2,790)
                                                                               
Proceeds from exceptional disposal of freehold                2,982         ---
properties                                                                     
                                                                               
Proceeds from disposal of other tangible fixed assets           876         388
                                                                               
                                                             ______      ______
                                                                               
Net cash inflow/(outflow) from capital expenditure                             
                                                                               
and financial investment                                     1,426)     (2,402)
                                                                               
                                                             ______      ______
                                                                               
Acquisitions and disposals                                                     
                                                                               
Payments in respect of acquisitions                         (5,635)       (238)
                                                                               
Proceeds from the disposal of dealerships                     6,008       1,614
                                                                               
Net cash inflow from acquisitions and disposals                 373      1,376)
                                                                               
                                                             ______      ______
                                                                               
Equity dividends paid                                       (1,890)     (1,878)
                                                                               
                                                             ______      ______
                                                                               
Net cash inflow before financing                              3,368        629)
                                                                               
Financing                                                                      
                                                                               
Proceeds of share issue                                         317         ---
                                                                               
Repayment of bank bridging loan                                 ---     (2,340)
                                                                               
(Repayment)/receipt of mortgage and other loans             (2,422)      2,729)
                                                                               
Capital repayments on finance leases and hire purchase         (26)        (98)
contracts                                                                      
                                                                               
                                                             ______      ______
                                                                               
Net cash (outflow)/inflow from financing                    (2,131)         291
                                                                               
                                                             ______      ______
                                                                               
Increase in cash in the year                                  1,237        920)
                                                                               
                                                             ______      ______

H.R. OWEN PLC

NOTES TO THE FINANCIAL STATEMENTS

1. The financial information in this announcement does not constitute statutory
accounts within the meaning of section 240 of the Companies Act 1985. Statutory
accounts of the Group, on which the auditors will report, will be delivered to
the Registrar of Companies. The comparative figures for the year to 31 December
2001 have been extracted from, but do not constitute, the Group's statutory
financial statements for that financial year. Those financial statements have
been reported on by the Group's auditors and delivered to the Registrar of
Companies. The report of the auditors was unqualified and did not contain a
statement under s.237(2) or (3) of the Companies Act 1985.

2. The accounting policies adopted are consistent with those applied in
previous years with the exception of the implementation during the year of FRS
19 ("Deferred tax"). The adoption of this standard has not had a significant
impact on the financial statements.

3.

Exceptional (loss)/profit                                            
                                                                     
                                                     2002        2001
                                                                     
                                                    �'000       �'000
                                                                     
Loss on closure of business           (a)         (1,456)         ---
                                                                     
Profit on sales of properties         (b)           1,434         ---
                                                                     
Profit/(loss) on disposal of          (c)           1,133       (215)
businesses                                                           
                                                                     
Amounts written off investments       (d)           (789)         ---

(a) Loss on closure of the Citro�n franchise in Burnham, Berkshire.

(b) Profit on disposal of a freehold property in Bromley.

(c) Profit on disposals of Mercedes-Benz franchises in Chelsea (�248,000) and
Bromley (�585,000) and a Toyota franchise in Slough (�300,000).

(d) Amounts written off investments in Jensen Motor Corporation (�195,000) and
Enabol Limited (�594,000).

4. The earnings per share are based on the profit on ordinary activities after
taxation of �1,483,000 (2001 : �1,257,000) and the weighted average number of
shares in issue during the year of 18,918,000 (2001 : 18,788,000).

5. The final dividend is payable on 6 June 2003 to shareholders on the register
at close of business on 28 March 2003.

6. There is no difference between the profit on ordinary activities before
taxation and the retained profit for the year stated above, and their
historical cost equivalents.

7. The Group has no recognised gains and losses other than those included in
the profits above, and therefore no separate statement of total recognised
gains and losses has been presented.

8. The results for the year ended 31 December 2002 were approved by the board
of directors on 19 March 2003.

For further information, contact:

Nicholas Lancaster, chief executive (Tell: 020 7245 1122)

David Jaggar, finance director (Tel: 020 7245 1122)

19 March 2003



END