10:16 am, December 14, 2012
CAMBRIA automotive is performing in line with expectations, the firm has announced.
The figures, which relate to the financial year ending 31st August 2012, reveal that revenue is down slightly – £352.5 million against £373.3 million.
Profits dropped somewhat too – £3.1 million versus £4.9 million – ‘in line with the board’s expections’ and reflecting weak car sales volumes in the first half of the year.
In total, the group’s net assets now stand at £21.5 million, and shareholders are getting an underlying return of 13.5 per cent.
The figures are set against an increasingly tough market, where sales decreased and profit margins became thinner still.
Total new vehicle unit sales dropped 5.4 per cent year-on-year, with a decrease in registrations of 4.1 per cent.
New vehicle gross profit dropped by £1.5 million, with margins reducing 0.4 per cent as an effect of ‘multiple pressures facing vehicle manufacturer partners’.
The group’s new acquisition – Doves Vauxhall in Southampton – is now at a stage where ‘integration is processing well’, though the business made a loss of £0.22 million.
‘Cambria has performed in line with our expectations and, after a particularly difficult first half, has produced a far better second half,’ said chief executive Mark Lavery.
‘There has been a positive change in new car market conditions since the beginning of the 2012 Calendar year. With the pressure on the mainland European car markets, the UK appears to be performing well in comparison.
‘I remain confident that the Group will deliver an improved performance in our 2013 financial year.’
