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Cambria trading update: "growth momentum maintained", says car dealer group

AM100 dealer group Cambria Automobiles reports its trading has maintained momentum from its strong previous financial year, as it plans to announce half-year results in May.

In the five months to February 28, trading has been “substantially ahead” of the same period in the previous year, said the car dealer group.

Used vehicle sales volumes were 0.6% up (like-for-like up 2.6%), and Cambria said gross profit per unit continued to increase.

New vehicle sales volume fell 2.9% (like for like down 11.1%) but again gross profit per retail unit improved.

Aftersales revenue rose 11.7% (like-for-like up 2.6%) with profitability up by 3.8% (like-for-like down 2%).

The group reported that following a fire in the workshop at Grange Jaguar and Aston Martin in Welwyn Garden City last October, it has made an insurance claim for business interruption.

Cambria said its March new car order book is in line with its expectations, but added its board believes there may be pressure on new car volumes and margins in 2017 “with the current macroeconomic uncertainty in the economy”.

Mark Lavery, chief executive of Cambria Automobiles, added: "I am pleased with the group's performance over the period and the robust trading momentum we have maintained from last year.

“As previously flagged, we expect to see some industry wide pressures on new car volumes in 2017, however we remain confident that our resilient business model and high margin used and aftersales revenue streams will offset these pressures.

“We continue to be focused on integrating the businesses we have acquired and delivering on our targeted site investment strategy as we build on our competitive advantages over the year ahead."

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