Cambria’s profits jump 27 per cent

Time 7:50 am, April 29, 2013

89bd2964-3eb5-4b00-b417-7b45682475e4DEALER group Cambria Automobiles PLC has announced its profits have jumped 27 per cent.

In the six months ended February 28, 2013, Cambira’s underlying profit before tax was up 27 per cent to £1.4m – up £300,000 over the corresponding prior year period.

The company’s total revenue for the six months was £179.1m – up from £166.9m.

The results were buoyed by strong new vehicle sales and new dealership acquisitions.

The dealer group’s new vehicle sales were up 13 per cent year-on-year, against a market increase of 8.8 per cent. New vehicle gross profit increased by £0.4m but with margin reducing 0.4 per cent arising from increases in fleet and commercial vehicle sales where margins are lower.

The group also secured its second Vauxhall business, second Alfa Romeo and first Chrysler Jeep business in January 2013.

However, used vehicle sales were down 5.5 per cent year-on-year.

Mark Lavery, chief executive officer, said: ‘The group has seen significant growth year-on-year in revenue, gross profit and with pre-tax profits 27 per cent ahead of previous year. The new vehicle division has seen growth in unit sales and continues to perform well in an improving retail market.

‘We are pleased to report that the important March trading period was strong and an improvement on the previous year, and that March’s new retail registrations showed continued signs of recovery.

‘The group’s balance sheet and liquidity remains robust and we continue to identify potential acquisition targets that fit with our stated strategy.’

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James Batchelor's avatar

James – or Batch as he’s known – started at Car Dealer in 2010, first as the work experience boy, eventually becoming editor in 2013. He worked for Auto Express as editor-at-large and was the face of Carbuyer’s YouTube reviews. In 2020, he went freelance and now writes for a number of national titles and contributes regularly to Car Dealer. In October 2021 he became Car Dealer's associate editor.

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