8 Sep 2015 07:00
8 September 2015
Cambria Automobiles plc
("Cambria" or the "Group")
AIM: CAMB
TRADING UPDATE AND NOTICE OF RESULTS
Full year results expected to be ahead of revised market expectations
Cambria, the franchised motor retailer, announces the following trading update ahead of its preliminary results for the year to 31 August 2015.
Trading Update
The Board is pleased to report that the Group has continued to perform well in the second half of the financial year and that the results for the year to 31 August 2015 are expected to be ahead of revised market expectations.
Trading in the first 11 months of the financial year under review has been substantially ahead of the corresponding period in 2013/14 on both a total and a like-for-like basis. New vehicle unit sales were up 9.1% (like-for-like up 1%), with unit sales to private retail customers up 9.3% (like-for-like up 2.1%) with gross profit per retail unit improving by 15.3% (like-for-like up 1.6%).
Used vehicle sales also performed well, with unit sales 4.5% (like-for-like 1.3%) ahead of the same period in the prior year and gross profit per unit up by 8.1% (like-for-like up 6.7%). This performance has significantly enhanced the profit derived from the used car part of the business. Growth in the Group's aftersales operations has also continued, with hours sold up by 8% (like-for-like up 2%) year-on-year.
Both the Barnet Jaguar Land Rover dealership acquired in July 2014 and the Swindon Land Rover dealership acquired in April 2015 are integrating well and the Board believes these businesses have significant potential. Both dealerships have contributed in line with expectations in the 2014/15 financial year so far.
Heading into the important September trading period, the Group's new car order book is building well which reflects the continuing strength in the new car market.
Commenting, Cambria's Chief Executive Mark Lavery said: "We are delivering on our plan to grow the Group and are continuing to perform well in a strong market. We are very focused on the work required to ensure this continues. Our strategy for organic growth, based on a balanced portfolio of brands combined with leading digital and retail systems, is yielding strong results. That has been complemented by acquiring attractive businesses which meet our strict criteria. The outlook for the market as a whole remains favourable and, as we begin our new financial year, we remain a dynamic participant with a clear strategy for creating shareholder value."
Notice of Results
Cambria expects to announce its preliminary results for the year to 31 August 2015 on Tuesday 24 November 2015.
Enquiries:
Cambria Automobiles Mark Lavery, Chief Executive James Mullins, Finance Director
| Tel: 01707 280 851 |
N+1 Singer - NOMAD & Joint Broker Nic Hellyer / James Maxwell / Jen Boorer
| Tel: 020 7496 3000 |
Zeus Capital - Joint Broker Adam Pollock
| Tel: 020 7533 7727 |
Tavistock Emma Blinkhorn / Lucia Caprani / Matt Ridsdale | Tel: 020 7920 3150 |
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 45 franchises and 17 brands, with geographical representation spanning from the North West to the South East in Kent and South West in Exeter. 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 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.