10:11 am, September 4, 2019
CAMBRIA Automobiles has seen its revenue, gross profit and aftersales contribution increase, it reported today.
In a pre-close trading update and notice of preliminary results, the group – which has a portfolio of high luxury, premium and volume car dealerships – said its trading performance during the first 11 months of the current financial year to July 2019 was ‘significantly ahead of the corresponding period in 2018 and is therefore expected to be ahead of current market expectations for the financial year ended 31 August 2019.’
Total new vehicle unit sales for the period were down 15.5 per cent like-for-like but the change in franchise mix significantly enhanced the profit per unit, it said, meaning the total profit from the new car department of the business improved significantly year on year. Similarly, total used unit sales were down 5.1 per cent compared with the same period last year, but the reduction was offset by continued improvement in gross profit per unit and, as a result, the total and like-for-like profit from the used car department of the business improved year on year.
Overall, revenue rose 1.8 per cent like-for-like, gross profit was up 1.1 per cent like-for-like, and the aftersales contribution increased by 1.9 per cent like-for-like.
Chief executive Mark Lavery, pictured, said: ‘As a group, we have had a successful year, reaping the benefits of our significantly enhanced property portfolio and our excellent, diversified brand mix. The franchising changes undertaken in previous years have given us a strong platform from which to build, with our increased representation in the high luxury segment positioning the group for future growth.
‘Whilst the current economic environment remains uncertain, we continue to make good progress and remain well placed to take advantage of any opportunities to accelerate the group’s growth.’
Cambria’s preliminary results for the year to August 31 will be announced on November 20.
Established in 2006, the group has more than 40 franchises representing major brands across the UK. The businesses are autonomous and trade under local brand names, including County Motor Works, Dees, Doves, Grange, Invicta, Motorparks and Pure Triumph.
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