10:31 am, September 5, 2016
FRANCHISED motor retailer Cambria has reported strong trading in the second half of the financial year ahead of its preliminary results for the year to August 31, 2016.
A statement from the board said that it followed a good first half, with trading in the first 11 months of the financial year substantially ahead of the corresponding period in 2014/15 on both a total and like-for-like basis.
New vehicle unit sales were up by 11 per cent (like-for-like up 3.8 per cent), with gross profit per retail unit increasing year-on-year in the total group and in the like-for-like businesses.
Used vehicle sales also performed well, with unit sales 4.4 per cent (like-for-like 2.6 per cent) ahead of the same period in the previous year. Gross profit per unit continued to increase year-on-year, which has driven profit growth from the used car segment of the business. Aftersales operations also continued to perform well, with profitability up by 3.7 per cent year-on-year (like-for-like flat).
Heading into the September trading period, the group’s new car order book was reported to be building well and in line with Cambria’s expectations.
In addition, Tim Duckers joined the board today as managing director of the motor division. He has more than 20 years of motor retail operating experience, and has been with the group since 2008.
Mark Lavery, Cambria chief executive, said: ‘The group has performed well during the course of the financial year, delivering growth in the operating business and adding on earnings accretive acquisitions. The mix of franchises has been enriched in line with our growth strategy and the business is well placed to build on the momentum generated this year.’
He added: ‘I am very pleased that Tim has accepted our offer for him to join the board of directors and look forward to him supporting myself and the team as we continue to expand the group further along the next exciting phase of its development.’
Cambria will announce its preliminary results for the year ended August 31, 2016 on November 22, 2016.
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