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Cambria drives profits and sales up

Major growth in new and used car sales have helped dealership turnaround expert Cambria Automobiles drive like-for-like revenue up by 41%.

Total revenue, including acquisitions, rose 53% to £392.1m, while underlying pre-tax profit doubled to £4.2m.

Cambria’s financial year to September 1 saw the group drive new car sales volumes up by 58% (37% on a like-for-like basis) and used car volumes by 34% (19% on a like-for-like basis).

In its workshops, sales of service hours rose 18% (4% on a like-for-like basis).

Mark Lavery, chief executive, said 2010 has been an important year for Cambria with its admission to trading on AIM in April, and being the third year in succession that it has doubled underlying pre-tax profits.

Its “buy and build” strategy is continuing to deliver, said Lavery. Cambria added ten franchised outlets from seven different locations during the period where which it will drive performance improvements through systems, processes and people.

He added: “In what have been without doubt very challenging economic times, Cambria has demonstrated that it continues to drive excellent growth whilst, at the same time, integrating new businesses into the group.

"Current trading is resilient and in line with the board’s expectations.”

“The board believes that the uncertain economic climate will continue to provide acquisition opportunities from which Cambria will benefit and the board believes Cambria has sufficient available cash resources to take advantage of these opportunities”.

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