Cambria Automobiles profit dented by Brexit uncertainty, new testing rules
Source - SMW
Luxury car retailer Cambria Automobiles posted a 19% fall in annual profit as Brexit uncertainty and the introduction of new vehicle testing rules dented sales.
Pre-tax profit for the year through August fell to £9.1m, as revenue slipped 2.2% to £630.0m.
Cambria Automobiles declared a final dividend of 0.75p per share, bringing the full-year dividend to 1.0p, unchanged from the previous year.
'The year has seen a difficult new car market that has been impacted by weakening consumer demand in the face of the uncertainty around the Brexit negotiations, inconsistent messaging around the future of diesel engines and the impact on car supply from the change in emissions testing regulations,' chief executive Mark Lavery said.
'We have also had to cope with government driven central cost increases including the apprenticeship levy, pension contributions, increases in debit and credit card charges and increased property rating costs.'
'Regrettably we have no control over these areas of cost increase.'
'That being said, our exceptional management team have worked incredibly hard and despite the uncertainty, disruption and brand portfolio changes we have delivered a solid revenue result and profit levels slightly ahead of market expectations.'
'Our strong used car profit performance combined with growth in aftersales has been a significant contributor.'
'Current financial year trading has been in line with the board's expectations in September and October and we are excited about the opening of our new Hatfield site which will house Jaguar Land Rover, Aston Martin and McLaren.'
'This state of the art facility will be fully operational in January 2019.'
At 2:58pm: (LON:CAMB) Cambria Automobiles PLC share price was -0.5p at 52.5p