Milestone for Cambria as sales exceed £500m for the first time

9:39 am, November 24, 2015

SALES at car retailer Cambria exceeded £500m for the first time in the 12 months to August 31 this year, the company announced this morning.

Chairman Philip Swatman said the firm’s preliminary results for the year 2014-15 showed ‘continued improvement in the Group’s operational and financial performance and successful delivery of its stated growth strategy’.

New vehicle sales were up nine per cent, while new car retail profit per unit increased by 12.6 per cent. There was an increase in used vehicle unit sales of 4.4 per cent and used car profit per unit increased by 5.3 per cent.

Revenue increased by 16.4 per cent to £523.8m. Underlying profit before tax rose by 42.6 per cent to £7.7m. Profit before tax also improved by 45.2 per cent to £7.7m, giving earnings per share of 6.03p – an increase of 45.3 per cent.

The Group closed the year with net cash of £1.0m and net assets of £33.7m – underpinned by the ownership of £37.6m of freehold and long leasehold properties.

Mark Lavery, chief executive officer of Cambria, highlighted the fact that the firm had broken through the £500m barrier and said: ‘Along with the growth in our underlying profitability, this milestone reflects the continued progress that has been made across our businesses as we take advantage of the UK economic recovery by identifying the right acquisition opportunities and strengthening our position in high luxury and premium brands.

‘The acquisitions of the Jaguar Land Rover business in Barnet and the Land Rover business in Swindon fully align with this strategy and I am pleased to report that both businesses have integrated well.

‘The Group’s growth momentum has continued in the first two months of the new financial year with results substantially ahead of the comparable period [last year].

‘We have also successfully agreed a new set of five-year banking facilities, which, combined with our strong cash reserves, have boosted our acquisition capacity.

‘The board remains focused on strengthening its brand portfolio by actively delivering on our stated acquisition strategy to enhance shareholder value. We are well placed to continue our growth in the current financial year.’

MORE: Tesla issues rapid Model S recall

MORE: Biggest auto scandal ever is not going away yet