5th Mar 2014 10:43
LONDON (Alliance News) - Cambria Automobiles PLC Wednesday said it expects its results for the first half of its financial year to be significantly above the same period in the previous year and it is confident about the outlook for the remainder of the year.
In a statement, the franchised motor retailer said new vehicle sales volumes were up 18.7% in the first five months of the financial year and margins remained strong. Used vehicle sales volumes were up 11.1% on the year, with gross profit per vehicle up 5.8%. Profitability was up 5.0% on the year in its aftersales operations, it added.
It expects to put out its results for the six months to February 28 on May 13.
"The board anticipates that new car volumes will remain robust throughout 2014 but that margins may come under pressure if the availability of new cars exceeds natural retail demand," it said.
"Heading into the important March trading period, the new car order book is ahead of the same point last year, reflecting the ongoing momentum in the new car market. If this trend continues at current rates, the board expects the group to deliver a strong trading performance in this crucial month," it added.
March and September are the two biggest months for new car sales in the UK because of changes to registration plates. March is the bigger of the two months.
Cambria Automobiles shares were down 1.4% at 53.5 pence Wednesday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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