(Alliance News) - Cambria Automobiles PLC on Wednesday reported a decline in first half performance and said that it expects performance to worsen due to coronavirus.
The franchised motor retailer reported a 1.7% reduction in revenue in the six months to the end of February to GBP303.1 million from GBP308.3 million.
New vehicle sales reduced by 10% during the first half, offset by a 12% increase in average profit per unit following the improvement in the company's franchise portfolio mix.
Pretax profit grew, however, to GBP6.1 million from GBP5.8 million year-on-year, amid lower cost of sales, which was reduced to GBP266.4 million from GBP308.3 million.
"Whilst I am pleased with the results from the first half of our financial year, the material impact of coronavirus has overtaken the normal operation of our businesses, as it has across the wider motor retail sector," said Chief Executive Mark Lavery.
"The emergence from the Covid-19 lockdown will be another challenge that we will need to contend with but we reiterate that the group is well placed to respond to these challenges. Along with our strong balance sheet, we are confident that we have sufficient liquidity to see through the challenges that the pandemic currently presents," added Lavery.
AIM-listed Cambria shares were untraded in London on Wednesday, last closing at 45.20 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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