The Cambria dealer group has released preliminary results for the year to 31 August 2017. The announcement confirms a 11.7% decline in new vehicle sales, and a 6.1% decline in used vehicle sales during the period. Despite this Cambria achieved a 6.6% increase in profit before tax, up to £11.3m, from £10.6m in the previous year.
The group’s declining vehicle sales during the period have been offset by improved profit per unit performance, up 25.7% and 5.6% on new and used vehicles respectively. Cambria also achieved a an aftersales revenue increased of 9%.
The dealer group plans to open a McLaren dealership in Hatfield and two Bentley dealerships in January 2018. Its Chief Executive Officer, Mark Jonathan James Lavery, commented, “The Group has delivered a solid set of results for the full year, with underlying Profit Before Tax of £11.3m, up from £10.6m in the previous year, a 6.6% increase. The first half of the financial year was strong and we reported significant year on year growth. As flagged in our Interim Results statement on 9 May 2017 and the subsequent Trading Update on 5 September, the Board remains cautious on the overall consumer outlook.
Lavery explained that the year was about consolidation in a challenging market, “Our strategy for the 2016/17 financial year was to integrate the acquired businesses from last year and progress the property investments needed to bring those businesses up to manufacturer standards. We have made good progress in this regard during the year, completing Barnet, beginning the build work at Swindon and securing the Hatfield site for development work to begin in January 2018.”
The group’s Chief Executive Officer confirmed that trading in September and October was in line with the Board’s expectations, albeit at lower levels than the prior year.
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