Cambria Automobiles sees annual result beating market expectations
Source - SMW
Luxury car retailer Cambria Automobiles said it expected its annual results to beat current market expectations, despite a fall in vehicle sales.
The company said its trading performance for the first 11 months of its financial year through August was 'significantly ahead' on-year.
To be sure, Cambria said the new car market had been significantly affected by factors including the impact of a a new emissions testing regime in the first quarter, and Sterling weakness.
Total new vehicle unit sales fell 18.3%, with like-for-like sales down 15.5%, though the prior year included a low-margin commercial vehicle deal that had not been repeated.
Sales of new retail cars to private guests were down 11.7%, with like-for-like sales down 7.8%.
'The change in franchise mix has significantly enhanced the profit per unit,' Cambria said.
'As a result of the improved profit per unit, the total profit from the new car department of the business improved significantly year-on-year.'
Like-for-like used car sales rose 0.8% but fell 5.1% due to changes in the franchise mix and closure of a dealership site.
Aftersales revenue rose 4.7%, and 1.8% like-for-like.
At 3:05pm: (LON:CAMB) Cambria Automobiles PLC share price was +4p at 57p