4 Jan 2017 07:00
4 January 2017
Cambria Automobiles plc
("Cambria" or the "Group")
AIM: CAMB
AGM Trading Update
Prior to the Annual General Meeting being held today at 10.00am, the Board of Cambria is pleased to announce the following trading update.
The Group has maintained its momentum from the strong results delivered in the last financial year and its trading performance in the first three months of the current financial year has been ahead of the corresponding period in 2015/16, both on a total and like-for-like basis.
After a strong September trading period, the Group did see some pressure on new car margins in October and on new car volumes in November. New vehicle unit sales for the first quarter were down 0.7% (like-for-like down 9.4%), but gross profit per retail unit improved in the Group's like-for-like businesses.
Used vehicle sales continued to perform well, with unit sales 3.6% (like-for-like 2.5%) ahead of the same period in the prior year and gross profit per unit continuing to increase. This performance has again enhanced the profit from the used car segment of the business. The Group's aftersales operations increased revenue by 13.1% (like-for-like up 2.9%), with profitability up by 6% year on year (like-for-like down 1.5%, impacted partly by a fire in October at the Welwyn Garden City Jaguar and Aston Martin workshop).
The Welwyn Garden City Land Rover business which was acquired on 8 January 2016 and the Woodford Jaguar Land Rover business, acquired on 5 July 2016, have continued to perform in line with expectations.
The Board continues to believe that there may be some pressure on new car volumes and margins in 2017 as a result of the uncertainty in the economy and the foreign exchange volatility witnessed over the past few months. However, the Board also believes that the Group's robust balance sheet and proven management team ensure it remains well placed to take advantage of any opportunities that may arise. The Group's trading performance in the first quarter means that it is trading in line with market expectations for the full year.
-Ends-
Enquiries:
Cambria Automobiles Mark Lavery, Chief Executive James Mullins, Finance Director www.cambriaautomobilesplc.com
| Tel: 01707 280 851 |
N+1 Singer - NOMAD & Joint Broker Alex Price / Sandy Ritchie
| Tel: 020 7496 3000 |
Zeus Capital - Joint Broker Dominic King
| Tel: 020 7533 7727 |
FTI Consulting Jonathon Brill / Alex Beagley / James Styles
| Tel: 020 3727 1000 |
About Cambria - www.cambriaautomobilesplc.com
Cambria Automobiles ("Cambria") was established in March 2006 with the aim of creating a balanced independent UK motor retail group through a self-funded "buy and build" strategy, focused on turnaround opportunities.
Working in close cooperation with its manufacturer partners, the Group has built a balanced portfolio of 31 luxury, premium and volume dealerships, representing 46 franchises and 17 brands, with geographical representation spanning from the North West to the South East in Kent. These businesses are autonomous and trade under local brand names, including Dees, Doves, Grange, Invicta, Motorparks and Pure Triumph.
Cambria's brand portfolio currently comprises Abarth, Alfa Romeo, Aston Martin, Dacia, Ford, Fiat, Honda, Jaguar, Jeep, Land Rover, Mazda, Nissan, Renault, Seat, Triumph, Vauxhall and Volvo.
The management's success in turning around under-performing dealerships has allowed Cambria to build a strong balance sheet. As a result, the Group is in a position to acquire valuable premium operations, like the recently acquired Jaguar Land Rover dealership in Woodford, Land Rover dealership in Welwyn Garden City, Jaguar Land Rover business in Barnet and Land Rover business in Swindon, which are immediately earnings enhancing and directly in line with the Group's strategy to further enhance the brand portfolio.
The Group's medium term ambition is to create a £1 billion turnover business producing attractive returns on capital.