6 Mar 2015 07:00
6 March 2015
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 the following pre-close trading update ahead of the announcement of the Group's results for the six months to 28 February 2015.
Trading Update
Further to the trading update issued on 15 January 2015, the trading performance in the first five months of the current financial year has been substantially ahead of the corresponding period in 2013/14 and in line with recently upgraded market expectations.
New vehicle unit sales increased by 17.1% (9.9% on a like-for-like basis), against a market up 7.9%. New car margins remained strong and the Board anticipates that new car volumes will remain robust throughout 2015. Used vehicle sales also performed well: unit sales were 2.1% ahead of the same period last year (flat on a like-for-like basis), with gross profit per unit continuing to increase. Growth in the Group's aftersales operations also continued, with profitability currently up 7.7% year-on-year.
Heading into the important March trading period, the new car order book is building well, and the Board expects the Group to deliver a strong trading performance in this crucial month.
Following on from the successful acquisitions of Barnet Land Rover and Jaguar the Board continues to explore acquisition opportunities that will further develop the Group in line with its stated strategy.
The Board views the outlook for the remainder of the financial year with confidence.
Notice of Results
Cambria will announce its interim results for the six months ended 28 February 2015 on Tuesday 12 May 2015.
Enquiries:
Cambria Automobiles Mark Lavery, Chief Executive James Mullins, Finance Director
| Tel: 01707 280 851 |
N+1 Singer - NOMAD & Joint Broker Jonny Franklin-Adams / Jen Boorer
| Tel: 020 7496 3000 |
Zeus Capital - Joint Broker Adam Pollock
| Tel: 020 7533 7727 |
Tavistock Keeley Clarke / Emma Blinkhorn / Matt Ridsdale | Tel: 020 7920 3150 |
About Cambria
www.cambriaautomobilesplc.com
Cambria was established in 2006 with a strategy to build a balanced motor retail group, through close cooperation with its manufacturer partners and the acquisition and turnaround of underperforming businesses.
The Group now comprises 28 dealerships, representing 45 franchises and 18 brands, in a balanced portfolio spanning the high luxury, premium and volume segments.
The Group operates dealerships across England with a geographical spread from the North West through the Midlands, down to Kent in the South East and across as far as Exeter in the South West, trading under local brand names, including, County Motor Works, Dees, Doves, Grange, Invicta, Motorparks and Pure Triumph.
Cambria's brand portfolio currently comprises Abarth, Alfa Romeo, Aston Martin, Chrysler Jeep, Citroen, Dacia, Ford, Fiat, Honda, Jaguar, Land Rover, Mazda, Nissan, Renault, Seat, Triumph, Vauxhall and Volvo.
The Group's success in turning around underperforming dealerships has enabled Cambria to build a strong balance sheet. As a result, as well as looking at the acquisition of underperforming dealerships, the Group is now in a position to consider acquisitions which are earnings enhancing from the outset, further strengthening Cambria's brand portfolio mix and progressing towards its stated ambition to create a Group with annual revenues of over £1 billion.