4th Mar 2020 10:15
(Alliance News) - Motor dealer Cambria Automobiles PLC on Wednesday said its performance over the first five months of its financial year has been in line with expectations, despite challenges in the new car market.
Cambria said that in the five months to January 31, sales of used vehicles were up 4.4% year-on-year, with aftersales revenue up 2.0%.
Total new vehicle unit sales were down 11%, however.
Cambria said: "During the trading period, the new car market has been significantly affected by a number of factors including the impact of recent changes to the emissions regulations. The manufacturers are adjusting vehicle production and supply in order to meet the challenging emissions objectives and minimise the fines that will be levied upon them for exceeding those targets."
Cambria added that the total new car market was down 1.5% during the period, with private registrations falling by 1.5%. The diesel segment was the worst hit, with registrations falling by 19%.
Looking ahead, the company said: "The new car market remains challenging with a number of disruptive factors impacting new car sales. Uncertainty in the lead up to the general election along with the uncertainty around Brexit and the terms of the UK's departure from the European Union were two of the main contributing factors. Whilst not a factor in the period, the spread of coronavirus could have an impact on both new car supply and on new car manufacture in the UK where there is reliance on parts supply, particularly from China."
The company will report its interim results for the six months to the end of February, on May 6.
Shares were 1.5% lower at 65.00 pence each in London on Wednesday morning.
By Eric Cunha; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
CAMB.L