11:52 am, November 26, 2013
DEALER group Cambria Automobiles has announced its profits have risen by 32 per cent to £4.1m in its preliminary results ended August 31, 2013.
Revenue for the group increased to £395.8m, up 12 per cent on 2012, while new vehicle sales grew 16.1 per cent.
A 6.5 per cent improvement in profit per unit in used vehicle sales was described as ‘modest’ by the group, while aftersales revenue and gross profit accounted for 14.3 per cent and 45.1 per cent of group revenue and gross profit respectively.
During the period, Cambria acquired County Motor Works and freehold property, adding a further Vauxhall and Alfa Romeo dealership, and the group gained its first Chrysler Jeep dealership. Swindon Motor Park was also refurbished at a cost of £0.5m.
Mark Lavery, chief executive of Cambria, said: ‘Our buy-and-build strategy to turn around underperforming businesses, executed under exceptionally tough trading conditions, has proved very successful. From a standing start in 2006, the group now has 27 dealerships, representing 42 franchises and 17 brands. Our strong cash generation provides us with the balance sheet to acquire instantly earnings enhancing businesses, which will strengthen our portfolio mix and help to fulfil our national ambitions to create a Group with annual revenues of over £1 billion.
‘The group’s performance in the first two months of the new financial year was ahead of plan, as well as the year under review, and we are confident of maintaining this momentum.’
