Cambria Automobiles plc (AIM: CAMB), the franchised motor retailer, is pleased to announce its unaudited interim results for the six months ended 28 February 2018, which show that the Group has continued to deliver on its Brand and property strategies. The Board remains confident that Cambria will maintain its momentum in the second half and deliver a financial performance in line with market expectations for the year as a whole.
* underlying profit after tax as a proportion of Average Shareholder's funds
Mark Lavery, Chief Executive of Cambria, said:
"I am pleased that the Group has delivered a solid financial performance in the first half which gives us confidence that we will maintain momentum in the second half and deliver a financial performance which is in line with current market expectations for the year as a whole. This is a notable achievement given the economic backdrop, consumer uncertainty, diesel demonisation and cost pressures. The continued pressure in the new car market was predictable and we highlighted this in our preliminary results last year. I am pleased with the improvements in both the used car and aftersales departments that have partially offset the pressure seen in new cars."
"We have made excellent progress with the Group's franchising strategy, adding two Bentley dealerships, one Lamborghini dealership and one McLaren dealership in the period."
"Aside from the property refurbishments to facilitate the addition of the four newly opened High Luxury businesses, we have also made positive strides with the major property projects underway in Swindon for Jaguar Land Rover and at Hatfield for Jaguar Land Rover, Aston Martin and McLaren. The developments are progressing well and, once completed, will enhance our already excellent site portfolio and brand representation whilst supporting the Group's long term trading prospects. The Board remains confident that Cambria, with its strong balance sheet and superior stable of brands, will maintain its momentum in the second half and deliver a financial performance in line with current market expectations."