CAMBRIA delivered a positive trading update ahead of its AGM today.
The group said it was successfully maintaining the momentum achieved in the last financial year and that its trading performance in the first four months of the current financial year was substantially ahead of the corresponding period in 2014/15.
New vehicle unit sales were up 4.0 per cent (like-for-like down 1.2 per cent), with gross profit per retail unit improving. Used vehicle sales also performed well, with unit sales 4.7 per cent (like-for-like 2.9 per cent) ahead of the same period in the prior year and gross profit per unit continuing to increase.
This performance has significantly enhanced the profit derived from the used car segment of the business. Growth in the group’s aftersales operations has also continued, with profitability up by 3.1 per cent (like-for-like in line) year-on-year.
The Swindon Land Rover business that was acquired on April 30, 2015 (pictured) has continued to perform in line with expectations. The deal added the second Land Rover dealership to the group, and the board remains confident about its potential.
Earlier this week, the board was pleased to announce the acquisition of its third Land Rover dealership in Welwyn Garden City. This business will be earnings enhancing in the second half of the 2015/16 financial year.
Today’s statement from the company said the board expects Cambria’s interim results for the six months to February 28, 2016 to be significantly ahead of the corresponding period of 2014/15. The board ‘views the outlook for the remainder of the financial year with confidence’.
Cambria has a portfolio of 29 luxury, premium and volume dealerships, and represents 44 franchises and 17 brands.
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