Cambria Automobiles plc (AIM: CAMB), the franchised motor retailer, is pleased to announce its unaudited interim results for the six months ended 29 February 2016, which again show revenue and profits substantially ahead of the comparable period in the prior year, and continued delivery of the Group's strategy.
* underlying profit after tax as a proportion of Average Shareholder's funds
"The Group's financial performance in the first half of the financial year has been strong. We have delivered increased profitability across the business, and I am particularly pleased with the performance in the used car operation where we are bucking the trend in the market and seeing increasing return on used car investment, up to 148% in the period through improved stock management and sales process efficiency, which is a result of the industry leading digitised, data driven used car retailing systems. The acquisition of the Land Rover business in Welwyn Garden City secures the territory for the Group to represent Jaguar Land Rover and we are encouraged by the potential for this business.
"For the fourth consecutive year the Group's performance in the all-important plate change month of March was strong and ahead of both our business plan and substantially ahead of the previous year. The Board is confident that Cambria will maintain this momentum in the second half and will be ahead of current market expectations for the year as a whole. With the acquisition and development opportunities available the Board is confident of continuing to deliver the Group's growth strategy."