Cambria Automobiles trades 'significantly ahead' of prior year

(Sharecast News) - Luxury car dealer Cambria Automobiles told investors on Wednesday that trading over the first eleven months of the year had been "significantly ahead" of the prior year.
Despite the new car market being "significantly affected" by a number of factors, including the impact of the changes in the emissions testing regime in the first quarter of the group's financial year, Cambria said its full-year figures would be ahead of current market expectations for the twelve months ended 31 August.

Aftersales operations delivered a "good performance", with revenues increasing 4.7%, gross profit up 2.6% year-on-year and aftersales contribution rising 4.9%. Used vehicle sales continued to "perform well", with like-for-like sales up 0.8%.

Sales of new retail cars to private guests were down 11.7%, while total new vehicle unit sales for the period were down 18.3% but a change in franchise mix "significantly enhanced" Cambria's profit per unit.

As a result of the improved profit per unit, the total profit from the new car department of the business "improved significantly" year-on-year.

Chief executive Mark Lavery said: "As a group we have had a successful year, reaping the benefits of our significantly enhanced property portfolio and our excellent, diversified brand mix.

"Whilst the current economic environment remains uncertain, we continue to make good progress and remain well placed to take advantage of any opportunities to accelerate the group's growth."

As of 1330 BST, Cambria shares had advanced 4.92% to 55.61p.