5 September 2016
Cambria Automobiles plc
("Cambria" or the "Group")
Pre-Close Trading Update, Board Appointment and Notice of Results
Cambria, the franchised motor retailer, announces the following trading update ahead of its preliminary results for the year to 31 August 2016.
The Board is pleased to report that trading in the second half of the financial year continued strongly following a good first half. Trading in the first 11 months of the financial year was substantially ahead of the corresponding period in 2014/15 on both a total and like-for-like basis. The Board is confident of delivering results for the full year in line with the revised market expectations.
New vehicle unit sales were up 11.0% (like-for-like up 3.8%), with gross profit per retail unit increasing year on year in the total Group and in the like-for-like businesses.
Used vehicle sales also performed well, with unit sales 4.4% (like-for-like 2.6%) ahead of the same period in the prior year. Gross profit per unit continued to increase year on year and this improved performance has driven profit growth from the used car segment of the business. The Group's aftersales operations also continued to perform well, with profitability up by 3.7% year-on-year (like-for-like flat).
The Swindon Land Rover business that was acquired on 30 April 2015 has continued to perform in line with expectations and the Group's Welwyn Garden City Land Rover dealership, which was acquired on 8 January 2016, is integrating to plan. The Woodford Jaguar and Land Rover business acquired on 5 July 2016 is being integrated into the Group and the Board is confident that this will prove to be a successful acquisition with a positive contribution expected in the 2016/17 financial year. The Group's newly opened and third Aston Martin dealership located in Solihull is now fully operational and a forward order bank is building.
Heading into the important September trading period, the new car order book for the Group is building well and in line with our expectations. The Board expects the Group to deliver another strong trading performance in this crucial month.
The Board is pleased to announce that with effect from 5 September 2016, Tim Duckers has joined the Board of Directors in an executive capacity as Managing Director of the motor division. Tim has over 20 years of Motor Retail operating experience, has been with the group since 2008 and has been integral to the group's growth over that period.
Notice of results
Cambria will announce its Preliminary results for the year ended 31 August 2016 on Tuesday 22 November 2016.
Mark Lavery, Chief Executive Officer of Cambria, said:
"The Group has performed well during the course of the financial year, delivering growth in the operating business and adding on earnings accretive acquisitions. The mix of franchises has been enriched in line with our growth strategy and the business is well placed to build on the momentum generated this year. The September order bank is building well and this puts us in a strong position heading into the important plate change month.
I am very pleased that Tim has accepted our offer for him to join the Board of Directors and look forward to him supporting myself and the team as we continue to grow the Group further along the next exciting phase of its development."
Mark Lavery, Chief Executive
James Mullins, Finance Director
Tel: 01707 280 851
N+1 Singer - Nomad & Joint Broker
Alex Price / Jen Boorer
Tel: 020 7496 3000
Zeus Capital - Joint Broker
Tel: 020 7533 7727
Jonathon Brill / Alex Beagley / James Styles
Tel: 020 3727 1000
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 46 franchises and 17 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, Seat, 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 business in North London, 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 £1 billion turnover business producing attractive returns on shareholder funds.
In accordance with Schedule 2(g) of the AIM Rules, Timothy Alex Duckers (aged 43) holds or has held in the
past 5 years the following directorships and partnerships:
Tim Duckers holds 1,054,245 shares in the Company representing 1.05% of the current issued share capital. In addition, Tim Duckers holds 1,500,000 options over ordinary shares in the Company under the terms and conditions as set out in the Company's 2015 long term incentive plan (LTIP) representing 1.5% of the current issued share capital of the Company. As announced on 2 March 2015, these options have challenging profit and share price based performance conditions attached to them, an exercise price of 47 pence and vest between January 2020 and January 2025.
Save for the disclosures above, there are no further disclosures to be made in accordance with Rule
17 and Schedule 2(g) of the AIM Rules.
This information is provided by RNS