LONDON (Alliance News) - Motor retailer Cambria Automobiles PLC delivered higher pretax profit and revenue for its recently-ended financial year, as new and used car sales and profit both improved.
Cambria said its pretax profit for the year to the end of August rose to GBP7.7 million from GBP5.3 million a year earlier, as revenue increased to GBP523.8 million from GBP450.1 million.
New vehicle sales rose 9.0% in the year, while its new car retail profit per unit increased by 13%. Used car unit sales rose 4.4%, and used car retail profit per unit was up 5.3% in the year. Cambria said its service and bodyshop hours sold rose by 7.8% and said the acquisitions it made over the year are integrating well.
Cambria said it will pay a final dividend of 0.6 pence per share, increasing its total dividend to 0.75p, up from 0.60p the year before.
"The group has delivered a strong set of full year results, with our sales exceeding GBP500.0 million for the first time. Along with the growth in our underlying profitability, this milestone reflects the continued progress that has been made across our businesses as we take advantage of the UK economic recovery by identifying the right acquisition opportunities and strengthening our position in high luxury and premium brands," said Chief Executive Mark Lavery.
Lavery added its current financial year has continued the positive momentum, with results substantially ahead year-on-year.
Cambria also said it has agreed to refinance its existing facilities with Lloyds Banking Group PLC. It has refinanced its existing GBP14.4 million in term loans into a single GBP15.0 million loan.
It has also arranged two further revolving credit facilities, one a five-year GBP15.0 million deal to back the acquisitions of new companies and property, the other a GBP7.0 million facility to back property development work.
Shares in Cambria were up 3.4% to 72.38 pence on Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.