Cambria Automobiles Plc AGM Trading Update (1707M)
January 04 2019 - 1:00AM
UK Regulatory
TIDMCAMB
RNS Number : 1707M
Cambria Automobiles Plc
04 January 2019
4 January 2019
Cambria Automobiles plc
("Cambria" or the "Group")
AIM: CAMB
AGM Trading Update
The Board of Cambria provides the following update on its
franchising developments and recent trading ahead of its AGM at
10:00am today:
Franchise and Property update
The Group opened its second Lamborghini dealership in November
2018 alongside its Bentley dealership in Royal Tunbridge Wells.
This follows a full redevelopment of the facility and provides an
exciting addition to the Group's growing High Luxury Segment (HLS)
businesses.
The major property development for Jaguar Land Rover, Aston
Martin and McLaren at Hatfield is progressing well and the Jaguar
and Land Rover facility was completed for occupation in December as
planned. It is now anticipated that the Aston Martin and McLaren
facility will be ready in February 2019.
On 21 December 2018, the Group completed the sale of its Royal
Wootton Bassett Freehold property for GBP2.75m. The property was
formerly occupied by the Group's Land Rover operation in Swindon
before its relocation to the newly developed Jaguar Land Rover
freehold facility in Swindon which took place in July 2018.
Trading update
The Group's trading performance in the first three months of the
current financial year to November 2018 has been in line with the
Board's expectations and ahead of the corresponding period in 2017,
both on a total and like-for-like basis.
As expected, the new car market has been significantly affected
by the impact of the changes in the emissions testing regime to
WLTP (Worldwide Harmonised Light Vehicle Test Procedure) from
September onwards, and in the three month period the total new car
market was down 15.4%. Whilst this led to a reduction in the
Group's new vehicle sales, this was offset by improved gross
profit. New vehicle unit sales for the quarter were down 24.9%
(like-for-like down 21.0%), with the sales of new retail cars to
private guests down 18.8% (like-for-like down 13.6%). Certain of
our volume manufacturer franchises experienced the largest
reductions in unit sales. The gross profit per retail unit improved
significantly on a total basis as a result of the stronger mix from
the new franchised outlets representing Bentley, Lamborghini and
McLaren. Group profit per unit also improved on a like for like
basis over the same period and the overall impact of the improved
profit per unit mitigated the reduction in unit sales.
Used vehicle sales continued to perform well. Whilst total used
unit sales were down 10.5% (like-for-like units down 2.9%) compared
with the same period in the prior year, this unit reduction was
offset by continued improvement in gross profit per unit. The
significant changes to our franchise portfolio mix and closure of
the Blackburn site in the prior year had a material impact on sales
volumes. As a result of the improved profit per unit, the like for
like profit from the used car department improved year on year.
Overall, the Group's aftersales operations delivered a good
performance, with revenue increasing by 1.9% (like-for-like up
2.6%), and gross profit up 6.5% year on year (like-for-like up
8.3%).
Outlook
The Board remains cautious about the general uncertainty in the
economy and around the consumer environment, particularly with the
ongoing uncertainty around Brexit and the terms of the UK's
departure from the EU. The continued progress made through 2018
with the Group's franchising and property development has further
enhanced Cambria's excellent portfolio of dealerships and leaves
the business well positioned for the year ahead, with strong
representation across the Premium and High Luxury Segments of motor
retail.
-Ends-
Enquiries:
Cambria Automobiles Tel: 01707 280 851
Mark Lavery, Chief Executive
James Mullins, Finance Director
www.cambriaautomobilesplc.com
N+1 Singer - NOMAD & Joint Broker Tel: 020 7496 3000
Mark Taylor / Jen Boorer
Zeus Capital - Joint Broker Tel: 020 7533 7727
Dominic King
FTI Consulting Tel: 020 3727 1000
Alex Beagley / James Styles /
Fern Duncan
About Cambria - www.cambriaautomobilesplc.com
Cambria Automobiles ("Cambria") was established in 2006 and has
built a balanced portfolio of high luxury, premium and volume car
dealerships, comprising over 40 franchises representing major
brands across the UK. The Group's businesses are autonomous and
trade under local brand names, including County Motor Works, Dees,
Doves, Grange, Invicta, Motorparks and Pure Triumph.
The Group's strategy is to complement its existing franchise and
brand portfolio by acquiring earnings enhancing operations, using
its strong balance sheet and disciplined approach to capital
allocation.
Cambria's medium term ambition is to create a GBP1 billion
turnover business producing attractive returns on capital.
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END
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