9th Jan 2020 10:29
(Alliance News) - Cambria Automobiles PLC on Thursday reported a mixed performance in the first quarter of its current financial year but said it is well positioned for the reminder of 2020.
Ahead of its annual general meeting, the car dealer said trading performance in the first three months of the current financial year to November has been in line with expectations.
Cambria said the overall UK car market was down 1.2%, with the private segment down 4.4% and diesel cars down 18%. As a result, the company's own new vehicle unit sales for the quarter were 9.4% lower, with the sales of new retail cars to private buyers down 7.4%.
More positively, Cambria said it has "significantly" improved gross profit per unit performance, reflecting a change in product mix.
Used vehicle sales continued to perform better, with sales up 2.0% compared with the same period in the prior year.
As a result of the increased units and improved profit per unit, overall profit from the used car department also increased year-on-year, Cambria noted.
The company's aftersales operations delivered a "stable" performance, it said, with revenue increasing by 1.9%.
Looking ahead, Cambria said it remains cautious about uncertainty in the UK economy and around the consumer environment, while the ramifications of leaving the EU are worked through.
"The continued progress made through 2019 with the group's franchising and property development has further enhanced Cambria's excellent portfolio of dealerships and leaves the business well positioned for 2020," Cambria said in its statement Thursday.
The stock was untraded in London, last closing at 69.32 pence a share.
By Evelina Grecenko; [email protected]
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