8 Sep 2014 07:00
8 September 2014
Cambria Automobiles plc
("Cambria" or the "Group")
AIM: CAMB
TRADING UPDATE AND NOTICE OF RESULTS
Full year results expected to be ahead of current market forecasts
Cambria, the franchised motor retailer, announces the following trading update ahead of its preliminary results for the year ended 31 August 2014.
Trading Update
Further to the Acquisition, Trading Update and New Franchise announcement released on 8 July 2014, the Board is pleased to report that the Group has continued to perform well and that the results for the year ended 31 August 2014 are expected to be ahead of current market forecasts.
Trading in the first 11 months of the 2013/14 financial year has been substantially ahead of the corresponding period in 2012/13. New vehicle unit sales, excluding the recently acquired Land Rover and Jaguar business in Barnet, increased by 15.7%, outperforming the overall market which rose by 10.6%, and margins remained strong. Used vehicle sales also performed well; unit sales were 3.2% ahead of the same period in the prior year with a gross profit per unit improvement of 5.9%. Growth in the Group's aftersales operations also continued with a profit increase of 4.3% year-on-year.
The integration of Land Rover and Jaguar in Barnet is progressing well and the Board is encouraged with the potential of this business, which is expected to make a considerable contribution to the Group's performance in 2014/15 and beyond.
Heading into the important September trading period, the Group's new car order book is ahead of the same point last year, reflecting the continuing strength of the new car market. The Board continues to view prospects for the new financial year with confidence.
Notice of Results
Cambria will announce its preliminary results for the year ended 31 August 2014 on Tuesday 25 November 2014.
Enquiries:
Cambria Automobiles plc 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 |
Tom Salvesen | 020 7886 2500 |
Tavistock Communications Catriona Valentine / Emma Blinkhorn | 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, 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.