DEALER group Cambria Automobiles has announced its preliminary results for the year to August 31, 2011.

The group’s total revenue decreased 4.8 per cent year on year to £373.3m – but the removal of the scrappage scheme ‘significantly impacted’ total revenue figures.

Gross profit decreased by one per cent year on year, however underlying EBITDA (earnings before interest, taxes, depreciation and amortisation) increased by 17.9 per cent to £7.2m. Underlying earnings per share increased to 3.63p from 3.06p.

However, the year saw Cambria’s fourth successive increase in underlying profit before tax, achieving £4.9m compared with the previous year’s £4.2m.

New car volumes excluding scrappage increased by nine per cent, and used car volumes increased by one per cent year on year.

Alfa Romeo and Vauxhall were all added to the group’s portfolio including a further Renault dealership, and major re-development of the Maidstone freehold property for Honda and Mazda also took place.

Mark Lavery, chief executive said: ‘The year to August 31, 2011 was another strong year for Cambria with underlying profit before tax growing by 16.7 per cent to £4.9m, up from £4.2m in a very difficult market.

‘The board is cautious about the trading outlook for the current financial year.’

‘While the ending of the government sponsored scrappage scheme reduced revenues, the cost reduction actions taken during the year more than offset the reduction in revenues. This is the fourth successive year in which Cambria has delivered significant earnings growth and high level of return on shareholders’ funds.

‘I am pleased with the performance achieved by the group against the backdrop of challenging new and used car markets. We continue to use this market weakness to drive forward our buy-and-build strategy, utilising our strong balance sheet.

‘It was pleasing to announce the acquisition of our maiden Vauxhall dealership, Doves Vauxhall in Southampton, on September 1, 2011. We continue to out-perform our underlying markets and view the future with confidence, notwithstanding the obvious short-term challenges which the industry faces.

‘Economic times remain uncertain and UK consumer confidence remains fragile; combined with exchange rate pressures and inflationary pressures these lead the board to be cautious about the trading outlook for the current financial year.’