Cambria Automobiles H1 profit falls 14% as new vehicle sales slump

Writer, Stock Market Wire
Tuesday, May 8, 2018 - 09:47

Franchised motor retailer Cambria Automobiles said Tuesday profit fell 14.3% in the first half of 2017 compared to the previous year as new vehicle sales slumped.

For the six months ended 28 February 2018, underlying profit before tax fell 14.3% to £4.8m from £5.6m the previous year.

Revenue fell by 4.5% to £295.1m from £309.1m as new vehicle sales slumped 16.2%.

Used vehicle sales fell 0.8% on a like-for-like basis, while aftersales revenue increased by 6.1% on a like-for-like basis and 1.1% overall.

The group added two Bentley dealerships, one Lamborghini dealership and one McLaren dealership in the period.

'Aside from the property refurbishments to facilitate the addition of the four newly opened High Luxury businesses, we have also made positive strides with the major property projects underway in Swindon for Jaguar Land Rover and at Hatfield for Jaguar Land Rover, Aston Martin and McLaren,' the firm said.

The interim dividend was maintained at 0.25p per share.

'The Board remains confident that Cambria, with its strong balance sheet and superior stable of brands, will maintain its momentum in the second half and deliver a financial performance in line with current market expectations,' said Mark Lavery, Chief Executive of Cambria.

At 9:47am: (LON:CAMB) Cambria Automobiles PLC share price was -2.5p at 58.5p

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