Ferrari says the UK has become its biggest European market, overtaking speed-loving Germany. The company says that one in every 10 of its sports cars is now bought in Britain.

A total of 677 cars were shipped to the UK last year, compared to 652 sent to Germany. The statistics were released as the Maranello-based firm said it saw record revenue and profit in 2013, despite capping production compared to previous years.

This controlled supply strategy move is to “keep exclusivity and increase its value over time”. The plan is to further restrict supply to see the value of existing cars accelerate.

It purposely sold 5% fewer cars than in 2012 but saw revenue up 5%. Ferrari said it delivered 6,922 cars last year, bringing in €2,335bn (£1.9bn) with a trading profit of €364m (£300m). The company said it now spends 15% of revenue on research and development, completely funded through its own cash flow.

The latest figures were released on the birth date of founder Enzo Ferrari. It added that a record 2,035 cars were shipped to the US, up 9% on 2012’s figure.

Japan saw a leap of 20% with 380 cars, while China, Taiwan and Hong Kong received 700 in total. The Middle East and Africa saw 599 cars sold. A “Ferrari World” theme park is operated in Abu Dhabi.

E-commerce sales of gadgets, fashion and other accessories reached €8.4m (£7m) as people bought into the brand’s charisma. The figures come as Brand Finance said Ferrari remains the ‘world’s most powerful brand’. The study found, however, found that Apple remains the world’ most ‘valuable’ brand.

Courtesy: Sky News