DEALER group Cambria Automobiles has announced its full year results and 2010 is another record year.
Figures published by the group reveal that 2010 is the third successive year that the group have doubled underlying profit. Before tax the final figure was £4.2m compared with the previous year’s £2.04m.
Total revenue for the 12 months increased by 53 per cent year on year (like-for-like revenue increase of 41 per cent) to £392.1m from £255.5m in 2009.
New car unit volumes increased 58 per cent year on year against a market increase of 18.1 per cent year on year, 37 per cent new car volume increase on a like-for-like basis.
The group also saw used car volumes increase 34 per cent year on year, and 19 per cent on a like-for-like basis.
Growth and expansion are quoted as one of the reasons for the results; the group acquired 7 new locations and 10 new franchised outlets, and Honda, Mazda and Triumph Motorcycles to joined the group.
Cambria’s chief executive, Mark Lavery, said: ‘2010 has been an important year for Cambria with our admission to trading on AIM in April. It is the third year in succession that we have doubled underlying pre-tax profits and produced a record underlying 22 per cent return on shareholders’ funds.
‘We have continued to deliver on our original “buy and build strategy” with the addition of another ten franchised outlets from seven different locations and have continued to demonstrate our ability to purchase and transform underperforming dealerships so as to generate returns for shareholders. Cambria has an extremely strong balance sheet containing minimal intangible assets, a strong freehold/long leasehold portfolio and good liquidity.
‘In what have been without doubt very challenging economic times, Cambria has demonstrated that it continues to drive excellent growth whilst, at the same time, integrating new businesses into the Group. Current trading is resilient and in line with the Board‟s expectations. The Board believes that the uncertain economic climate will continue to provide acquisition opportunities from which Cambria will benefit and the Board believes Cambria has sufficient available cash resources to take advantage of these opportunities’.