Cambria Automobiles Plc Pre-Close Trading Update and Notice of Results (6654Y)
March 07 2017 - 1:00AM
UK Regulatory
TIDMCAMB
RNS Number : 6654Y
Cambria Automobiles Plc
07 March 2017
7 March 2017
Cambria Automobiles plc
("Cambria" or the "Group")
AIM: CAMB
Pre-Close Trading Update and Notice of Interim Results
The Board of Cambria is pleased to announce the following
trading update for the five months to 28 February 2017.
The Group has maintained its momentum from the strong results
delivered in the last financial year and its trading performance in
the first five months of the current financial year has been
substantially ahead of the corresponding period in 2015/16, both on
a total and like-for-like basis.
Used vehicle sales continued to perform well, with unit sales
0.6% (like-for-like up 2.6%) ahead of the same period in the prior
year while gross profit per unit on both a total and like-for-like
basis continued to increase. This performance has again enhanced
the profit from the used car segment of the business year on
year.
The Group's aftersales operations increased revenue by 11.7%
(like-for-like up 2.6%), with profitability up by 3.8% year on year
(like-for-like down 2.0%), impacted by a fire in October at the
Welwyn Garden City Jaguar and Aston Martin workshop which continues
to affect the business. There will be a business interruption
insurance claim which has not been reflected in this trading
update.
Whilst new vehicle unit sales for the five months were down 2.9%
(like-for-like down 11.1%), the gross profit per retail unit
improved over the same period in the Group's like-for-like
businesses and therefore the gross profit in this department
improved.
Heading into the important March trading period, the new car
order book is building well and is in line with our
expectations.
The Group has made significant progress with its property
developments and site refurbishments during the period. It has also
managed the closure of its Swindon Motor Park operation to
facilitate the Jaguar Land Rover Arch concept development that is
commencing imminently on that site.
The Board continues to believe that there may be some pressure
on new car volumes and margins in 2017 with the current
macroeconomic uncertainty in the economy. However, the Group's
trading performance in the first five months indicates that it is
trading in line with market expectations for the full year which
the Board believes already reflect these uncertainties.
The Group will announce its Interim Results for the six months
to 28 February 2017 on 9 May 2017.
Mark Lavery, Chief Executive of Cambria Automobiles plc,
commented:
"I am pleased with the Group's performance over the period and
the robust trading momentum we have maintained from last year. As
previously flagged, we expect to see some industry wide pressures
on new car volumes in 2017, however we remain confident that our
resilient business model and high margin used and aftersales
revenue streams will offset these pressures. We continue to be
focused on integrating the businesses we have acquired and
delivering on our targeted site investment strategy as we build on
our competitive advantages over the year ahead."
-Ends-
Enquiries:
Cambria Automobiles Tel: 01707 280
Mark Lavery, Chief Executive 851
James Mullins, Finance
Director
www.cambriaautomobilesplc.com
N+1 Singer - Nomad & Joint Tel: 020 7496 3000
Broker
Alex Price
Zeus Capital - Joint Broker Tel: 020 7533 7727
Dominic King
FTI Consulting Tel: 020 3727 1000
Jonathon Brill / Alex
Beagley / James Styles
About Cambria - www.cambriaautomobilesplc.com
Cambria Automobiles ("Cambria") was established in March 2006
with the aim of creating a balanced independent UK motor retail
group through a self-funded "buy and build" strategy, focused on
turnaround opportunities.
Working in close cooperation with its manufacturer partners, the
Group has built a balanced portfolio of 31 luxury, premium and
volume dealerships, representing 45 franchises and 16 brands, with
geographical representation spanning from the North West to the
South East in Kent. These businesses are autonomous and trade under
local brand names, including Dees, Doves, Grange, Invicta,
Motorparks and Pure Triumph.
Cambria's brand portfolio currently comprises Abarth, Alfa
Romeo, Aston Martin, Dacia, Ford, Fiat, Honda, Jaguar, Jeep, Land
Rover, Mazda, Nissan, Renault, Triumph, Vauxhall and Volvo.
The management's success in turning around under-performing
dealerships has allowed Cambria to build a strong balance sheet. As
a result, the Group is in a position to acquire valuable premium
operations, like the recently acquired Jaguar Land Rover dealership
in Woodford, Land Rover dealership in Welwyn Garden City, Jaguar
Land Rover business in Barnet and Land Rover business in Swindon,
which are immediately earnings enhancing and directly in line with
the Group's strategy to further enhance the brand portfolio.
The Group's medium term ambition is to create a GBP1 billion
turnover business producing attractive returns on capital.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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