Cambria Automobiles plc has released a trading update for the 11 months to 31 July 2017, confirming declines in new and used sales, with gains in both aftersales and per unit profitability.
New vehicle unit sales for the 11 months were down 12.2%, and by 17.6% on a like-for-like basis. Cambria however assert that the gross profit per retail unit improved over the same period. They attribute the reduction in volume to the Barnet Jaguar Land Rover site, which underwent a new building project, in addition to the actions of “certain volume manufacturer partners”.
Aftersales revenue increased by 8.4%, and by 1.7% on a like-for-like basis.Used vehicle sales were down 5.5% down following the closure of Swindon Motor Park, with the like-for-like figure down 1.7%. Cambria reported an improved profit per unit in the used business.
Cambria used the update to confirm that it has secured a 4.3 acre development site in the Hatfield Business Park to replace its current Jaguar Land Rover and Aston Martin site in Welwyn Garden City. They hope to clear planning and commence construction in 2018. The group is also engaged in the construction project for Jaguar Land Rover Arch concept at their closed Swindon Motor Park site.
Mark Lavery, Chief Executive of Cambria Automobiles plc, commented:“The Group has delivered a solid performance in the 11 months to 31 July 2017 and I am particularly pleased with the increases in profit per unit in both new and used vehicles. We have had a busy year having completed the substantial building project at our Barnet Jaguar Land Rover site and have recently begun construction of our new Jaguar Land Rover Arch concept site in Swindon.
“The Board continues to believe that there will be pressure on new car volumes and margins in 2017 and 2018 with the current macroeconomic uncertainty that prevails. However, the Group’s trading performance in the first 11 months indicates that trading is in line with market expectations for the full year.”
Leave A Comment