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
Sign up to our
Subscribe to the latest investing news by entering your email address below
You can opt out at any time.
For five days a week you will get
- The latest company news
- Insight into investment trends
- Round-up of director's buys and sells
- Articles from Shares magazine
Plus more useful investment content and occasional promotional offers.
UK 350 Risers and Fallers
Tweets not available.