LONDON (Alliance News) - Cambria Automobiles PLC said Tuesday it expects annual results to be lower year-on-year despite trading in line with management views in the 11 months to July 31.
"The group maintained its solid financial performance that was delivered in the first half," the company said. "This performance was delivered alongside significant franchising additions, changes and site developments which have made good progress during the period."
However, the company expects its annual results to lag behind the previous year due to the pressures on the UK new car market. Despite this, the board is confident of delivering a full-year result in line with market expectations.
Looking at like-for-like business for the 11 month-period, Cambria said trading performance is down 6.4% year-on-year with the reduced new car performance partially offset by improvements in used cars and aftersales, the company explained.
Used vehicle sales continued to perform well. Unit sales were down 6.6%, or 2.6% on a like-for-like basis, but gross profit per unit was significantly higher, Cambria said.
Aftersales operations increased revenue by 2.5%, or by 5.1% on a like-for-like basis, with gross profit up by 3.8% year-on-year, or 7.1% like-for-like, Cambria said.
"Whilst new vehicle unit sales for the 11 months were down 16.8%, the gross profit per retail unit improved over the same period as a result of mix shift to the premium and high luxury businesses; however in the group's like-for-like businesses the new gross profit per unit was down 3.2% against the background of margin pressure in the market," the company explained.
Cambria will publish its annual results on November 21.
Cambria Automobiles shares were trading 1.7% lower at 55.05 pence each midday Tuesday.
