Source - SMW
Cambria Automobiles said it  has maintained its momentum from the strong results delivered in the last financial year and trading 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. 

The group said used vehicle sales continue to perform well, with unit sales 0.6% (like-for-like up 2.6%) ahead of the corresponding period in the prior year while gross profit per unit on both a total and like-for-like basis continued to increase.  

It said 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 continued to affect the business. 

 An update said: "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 said it 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. 

But it added: "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.

Chief executive Mark Lavery said: "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."    


At 9:41am: (LON:CAMB) Cambria Automobiles PLC share price was +1.5p at 64.5p