Cambria maintaining momentum

Cambria Automobiles has maintained its momentum from the strong results delivered in the last financial year, according to an update ahead of the annual general meeting today.

The update also says that trading performance in the first three months of the current financial year has been ahead of the corresponding period in 2015/16, both on a total and like-for-like basis.

It continues: "After a strong September trading period, the Group did see some pressure on new car margins in October and on new car volumes in November. New vehicle unit sales for the first quarter were down 0.7% (like-for-like down 9.4%), but gross profit per retail unit improved in the Group's like-for-like businesses.

"Used vehicle sales continued to perform well, with unit sales 3.6% (like-for-like 2.5%) ahead of the same period in the prior year and gross profit per unit continuing to increase. This performance has again enhanced the profit from the used car segment of the business. The Group's aftersales operations increased revenue by 13.1% (like-for-like up 2.9%), with profitability up by 6% year on year (like-for-like down 1.5%, impacted partly by a fire in October at the Welwyn Garden City Jaguar and Aston Martin workshop).

"The Welwyn Garden City Land Rover business which was acquired on 8 January 2016 and the Woodford Jaguar Land Rover business, acquired on 5 July 2016, have continued to perform in line with expectations.

"The Board continues to believe that there may be some pressure on new car volumes and margins in 2017 as a result of the uncertainty in the economy and the foreign exchange volatility witnessed over the past few months. However, the Board also believes that the Group's robust balance sheet and proven management team ensure it remains well placed to take advantage of any opportunities that may arise. The Group's trading performance in the first quarter means that it is trading in line with market expectations for the full year."