5 Mar 2014 07:00
5 March 2014
Cambria Automobiles plc
("Cambria" or the "Group")
AIM: CAMB
Pre-close Trading Update and Notice of Results
The Board of Cambria, the franchised motor retailer, is pleased to announce that it expects the Group's results for the six months to 28 February 2014, which will be issued on 13 May 2014, to be significantly ahead of the prior year and that it views the outlook for the remainder of the financial year with confidence.
Trading Update
Further to the trading update issued on 16 January 2014, trading performance in the first five months of the current financial year has been substantially ahead of the corresponding period in 2012/13.
New vehicle unit sales increased by 18.7%, against a market up 10.8%, and margins remained strong. The Board anticipates that new car volumes will remain robust throughout 2014 but that margins may come under pressure if the availability of new cars exceeds natural retail demand. Used vehicle sales also performed well; unit sales were 11.1% ahead of the same period last year with gross profit per unit improving by 5.8%. Growth in the Group's aftersales operations also continued with profitability currently up 5.0% year-on-year.
Heading into the important March trading period, the new car order book is ahead of the same point last year, reflecting the ongoing momentum in the new car market. If this trend continues at current rates, the Board expects the Group to deliver a strong trading performance in this crucial month.
Enquiries:
Cambria Automobiles Mark Lavery, Chief Executive James Mullins, Finance Director | 01707 280 851
|
N+1 Singer - NOMAD & Joint Broker | 020 7496 3000 |
Jonny Franklin-Adams / Nick Owen | |
Panmure Gordon - Joint Broker | |
Joanne Lake / Peter Steel | 0113 357 1150 |
Adam Pollock | 020 7886 2500 |
Tavistock Communications Catriona Valentine / Keeley Clarke | 020 7920 3150 |