AM Online

Cambria ready to grow as Tim Duckers joins its board

Cambria has hinted towards a strong financial results announcement on November 22 with a report that its trading has been “substantially ahead” of its prior year.

In a pre-close trading update to the stock market, the AM10 dealer group said trading in the second half of its financial year continued strongly following a good first half.

New vehicle unit sales were up 11.0% (like-for-like up 3.8%), with gross profit per retail unit increasing year on year in the total group and in the like-for-like businesses, it said.

Used vehicle sales also performed well, it said, with unit sales 4.4% (like-for-like 2.6%) ahead of the same period in the prior year. 

Gross profit per unit continued to increase year on year and this improved performance has driven profit growth from the used car segment of the business.

The group’s aftersales operations also continued to perform well, the statement said, with profitability up by 3.7% year-on-year (like-for-like flat).

“Heading into the important September trading period, the new car order book for the group is building well and in line with our expectations.  The board expects the group to deliver another strong trading performance in this crucial month,” said the statement.

Cambria also announced that Tim Duckers, its managing director who has been with the group since 2008, has joined the board of directors in an executive capacity.

It will be seen by many industry observers as a move preparing Cambria for its next phase of significant growth, in line with its ‘buy and build’ strategy of acquiring and improving underperforming businesses.

Mark Lavery, Cambria’s chief executive, said: “The group has performed well during the course of the financial year, delivering growth in the operating business and adding on earnings accretive acquisitions. 

“The mix of franchises has been enriched in line with our growth strategy and the business is well placed to build on the momentum generated this year.  The September order bank is building well and this puts us in a strong position heading into the important plate change month. 

“I am very pleased that Tim has accepted our offer for him to join the board of directors and look forward to him supporting myself and the team as we continue to grow the group further along the next exciting phase of its development.”

If you are not a registered user your comment will go to AM for approval before publishing. To avoid this requirement please login.

Comment as guest


Login  /  Register

Comments

No comments have been made yet.