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Five Latest Tips You Can Learn When Attending Alfa Romeo Chelmsford

 

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6 March 2018

 

Cambria Automobiles plc

(“Cambria” or the “Group”)

AIM: CAMB

 

Pre-close Trading Amend and Notice of Interim Results

 

The Board of Cambria provides the afterward amend on its franchising developments and trading for the aboriginal bristles months to 28 February 2018:

 

Franchise update

 

In January, the Group completed the face-lifting of absolute acreage backdrop to locate the two new Bentley businesses in Tunbridge Wells and Chelmsford. The refurbishments were completed calmly and both businesses are establishing themselves in the new facilities. The assignment to actualize the Group’s aboriginal Lamborghini dealership in Chelmsford is advancing achievement for an accepted armpit barrage in March 2018.

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The architecture of the Group’s Jaguar, Land Rover, Aston Martin and McLaren dealership on one armpit in Hatfield commenced in February 2018. There was a slight adjournment in starting the works whilst planning altitude were discharged, but these accept now been addressed and the architecture assignment is progressing.  On the absolution of the planning conditions, the Group was able to complete on the acquirement of the 4.3 acre development plot. During the advance of January, the Group congenital a abundant acting McLaren exhibit on the armpit and actively began trading at the end of January.

 

To facilitate the new above Bentley and Lamborghini dealerships in Tunbridge Wells and Chelmsford, the Group has bankrupt one Honda dealership, one Alfa Romeo and Jeep dealership and two bodyshop operations.

 

Trading amend

 

The Group’s trading achievement in the aboriginal bristles months of the accepted banking year has been in band with the Board’s expectations, admitting abaft the agnate aeon in 2016/17, both on a absolute and like-for-like basis. This trading achievement during the aeon continues the trend accent in the Group’s basic after-effects on 22 November 2017 and AGM trading amend on 4 January 2018 and agency that the Group is trading in band with bazaar expectations for the abounding year.

 

The weaker new car bazaar has apparent burden on volumes in the aeon although agenda year 2017 benefit antithesis accept added boilerplate Group margins beyond the bristles ages period. New agent assemblage sales were bottomward 16.5% (like-for-like bottomward 14.6%), but with gross accumulation per retail assemblage convalescent to partially account the bargain volume.  

 

Used agent sales connected to accomplish able-bodied on a like-for like basis. Like-for-like units were in band with the aforementioned aeon in the above-mentioned year, whilst absolute acclimated assemblage sales were bottomward 6.8% as a aftereffect of the absent units from the armpit closures and refranchising action agitated out to enhance the Group’s portfolio.  This all-embracing assemblage abridgement was account by connected advance in gross accumulation per assemblage and this achievement continues to enhance the accumulation from the acclimated car articulation of the business.  

 

Overall, the Group’s aftersales operations delivered a acceptable performance, with acquirement accretion by 0.6% (like-for-like up 6.1%), with advantage up 2.1% year on year (like-for-like up 8.2% excluding the two bodyshops, Honda, Alfa Romeo and Jeep dealerships and Swindon Motor Park).

 

Outlook

 

The Board continues to abide alert about the new car market. The government’s apple-pie air action anecdotal and the inconsistent messaging about the advanced adorable position on agent engines has created a abridgement in customer appeal for agent cartage which formed 42% of the new car bazaar in 2017 and 47.7% in 2016. The new car bazaar in 2017 was bottomward 5.7% to 2.54m units in allegory to the 2016 almanac allotment levels of 2.69m. All of the abridgement was apparent in the agent articulation which fell from 1.29m to 1.07m units.

 

The accepted ambiguity in the customer ambiance remains, as does the burden that agent manufacturers are beneath as a aftereffect of the accepted Sterling barter rate. Cambria has fabricated cogent accomplish in advanced its acreage and franchising action through 2017 and into 2018 which has added the Group’s accomplished portfolio of dealerships and Cast partners. Whilst the angle has some micro and macroeconomic challenges, the Board believes that the Group is able-bodied placed to abide to bear on its action of acceptable the Group’s portfolio with the accession of Bentley, Lamborghini and McLaren in the period.

 

The Group will advertise its Interim After-effects for the six months to 28 February 2018 on 9 May 2018.

 

 

-Ends-

 

 

Enquiries:

Cambria Automobiles

Mark Lavery, Chief Executive

James Mullins, Finance Director

www.cambriaautomobilesplc.com

 

Tel:  01707 280 851

N 1 Singer – Nomad & Joint Broker

Alex Price

Jen Boorer

 

Tel:  020 7496 3000

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