4th Jan 2019 08:00
LONDON (Alliance News) - Cambria Automobiles PLC on Friday said that performance in the first quarter of 2019 financial year was ahead of comparative period and in line with views, despite significant drop in new car sales due to the new emissions testing regime.
The Worldwide Harmonised Light Vehicle Test Procedure is a new emissions test put in place in September following the Volkswagen AG emissions cheating scandal.
New vehicle unit sales for the quarter to November-end were down 21.0% on a like-for-like basis, the luxury car dealer said, adding that used unit sales fell 2.9%. Total new car sales fell 24.9% and used car sales were down 10.5%.
The drop in new and used car sales was offset by improved gross profit per unit due to a stronger mix from the new franchised outlets representing Bentley, Lamborghini and McLaren.
The company's aftersales operations delivered a good performance in the period, with revenue increasing by 2.6% on a like-for-like basis and gross profit up 6.5% year-on-year.
The UK listed company opened its second Lamborghini dealership in November in Royal Tunbridge Wells, Kent, and completed Jaguar and Land Rover facility in Hatfield, England, for occupation in December. It anticipates the Aston Martin and McLaren facility in Hatfield to be ready in February.
Cambria Automobiles remains cautious about the general uncertainty in the economy and particularly with the ongoing uncertainty around Brexit and the terms of the UK's departure from the EU.
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