7 Mar 2016 07:00
7 March 2016
Cambria Automobiles plc
("Cambria" or the "Group")
AIM: CAMB
Trading update and notice of interim results
Cambria, the franchised motor retailer, announces the following trading update for the period to 29 February 2016 ahead of its interim results.
Trading update
Trading in the first five months of the financial year has been substantially ahead of the corresponding period in 2014/15 on both a total and like-for-like basis.
New vehicle unit sales were up 3.8% (like-for-like down 1.2%) and gross profit per retail unit continued to improve year on year. Used vehicle sales also performed well, with unit sales 4.3% (like-for-like 2.3%) ahead of the same period in the prior year. Gross profit per unit continued to increase and this performance further enhances the profit derived from the used car segment of the business. Growth in the Group's aftersales operations has also continued, with profitability up by 4.1% year-on-year (like-for like flat).
The Swindon Land Rover business that was acquired on 30 April 2015 has continued to perform in line with expectations and the Group's Welwyn Garden City Land Rover dealership, which was acquired on 8 January 2016, is integrating to plan. This business, which is the Group's third Land Rover dealership, will be earnings enhancing in the second half of the 2015/16 financial year.
After the first week of the important March trading period, the new car order book is building well and the Board expects the Group to deliver another strong trading performance in this crucial month. The Board continues to look to the future with confidence.
Notice of results
Cambria will announce its interim results for the six months ended 29 February 2016 on Tuesday 10 May 2016.
-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 Nic Hellyer / Alex Price / Jen Boorer
| Tel: 020 7496 3000 |
Zeus Capital - Joint Broker Adam Pollock
| 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 29 luxury, premium and volume dealerships, representing 44 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 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.