Motor dealer group Cambria, which owns 28 dealerships, representing 45 franchises and 18 brands, have released details of their preliminary results for the year ended 31 August 2014 showing a 14% increase in revenue and a hike in profits of 33%.
Cambria highlights:
- Revenue of £450.1m (2013: £395.8m) – up 14%
- Underlying profit before tax of £5.4m (2013: £4.1m) up 32%
- Profit before tax of £5.3m (2013: £4.0m) – up 33%
- Earnings per share of 4.15p (2013: 3.49p) – up 19%
- £10.5m acquisition of Jaguar and Land Rover business in Barnet in July 2014 including £3.75m of freehold property
- Further £6.5m invested in freehold property estate
- Strong balance sheet – net debt of £4.6m and net assets £28.3m
- Proposed final dividend of 0.5p per share, giving total dividend per share for the year of 0.6p (2013: 0.5p) – up 20%
- Improvement in underlying return on shareholders’ funds to 15.9% (2013: 15.5%)
- Growth in new vehicle sales of 16.7% – 6.1% ahead of the market at 10.6%
- Brand portfolio mix further improved with the acquisition of the Group’s first Land Rover dealership and sixth Jaguar dealership; additional Jeep franchise secured in Oldham
- Increase in used vehicle unit sales of 2% with profit per unit improving
- Increase in service and bodyshop hours sold of 3.4%
Talking about the figures, Mark Lavery, Cambria’s Chief Executive said, “The new financial year has started strongly with the Group’s performance in the first two months being both ahead of our business plan and significantly ahead of the year under review. I am pleased with the progress that we are making across our established businesses; I am excited by the potential of the newly acquired Jaguar Land Rover business in Barnet; and I am confident that Cambria can maintain this momentum and deliver further improved performances across all it departments in the current financial year.”
Cambria trades as Grange, Doves, Dees, Invicta Motors, County Motor Works, Pure Triumph and Motorparks.
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