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Multi franchise dealer group, Cambria Automobiles plc have announced unaudited interim results for the six months to 28 February 2017, showing revenue up 11.0% to £309.1m and underlying pre-tax profits up 21.7% to £5.6m.

Despite a fall in both new and used vehicle unit sales, Cambria managed to increase it’s profit per unit. New vehicle unit sales fell 4.6% (like-for-like down 12.4%) in the period, but the impact was more than offset by a substantial increase in average profit per unit as a result of improved portfolio mix and annual volume bonus achievements.

Similarly used vehicle unit sales down 1.2% (like-for like up 1.3%) and were offset by an improvement in profit per unit. In the all important area of Aftersales, Cambria manages to increase it’s revenue by 9.9% (like for like up 1.8%) with a gross profit improvement.

Other Financial highlights:

• Revenue increased by 11.0% to £309.1m (H1 2016: £278.4m)
• Underlying profit before tax up 21.7% at £5.6m (H1 2016: £4.6m)
• Underlying earnings per share increased 19.5% to 4.41p (H1 2016: 3.69p)
• Underlying net profit margin up to 1.8% (H1 2016: 1.67%)
• Positive operational cash flows maintained, with a cash position of £17.2m (H1 2016: £25.3m) and net cash of £3.3m (H1 2016 net cash: £0.3m)
• Strong balance sheet with net assets of £45.8m (H1 2016: £37.6m)
• Rolling twelve month return on equity* of 21.76% (H1 2016: 21.15%)
• Interim dividend increased by 25% to 0.25p (H1 2016: 0.2p)

Commenting on the performance, Mark Lavery, Cambria’s Chief Executive said, “I am pleased with the Group’s financial performance in the first half in which we delivered 21.7% profit growth in an uncertain consumer environment. Following on from the significant number of acquisitions, site openings and disposals completed in the 2016 financial year, the aim for the current year is to continue integrating these businesses and progressing our property developments. This in turn will help to realise the full potential of these acquisitions and to increase their operational capacity. We are making good inroads into both of these areas.

“Whilst the Board remains cautious, we are pleased that Cambria’s performance in the combined months of March and April was in line with the previous year. We are therefore confident that the full year results will be slightly ahead of the current market expectations.”

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