Motor Trader The award-winning and longest running UK magazine for car retailing professionals. Your first stop for News, Jobs and Reports for the motor industry.
Cambria Automobiles today gave a trading update for the five months to 31 January.
The group said it was “trading ahead” of the same period last year despite the lockdown and the closure of showrooms.
The performance was delivered through cost cutting and the benefit of Government support packages including furlough and business rates relief. It has not used the Government VAT deferral scheme.
Used unit sales were down 31% year on year but the gross profit increased 16.4% to partially offset the unit reduction.
In the period, the new car market was down 14.4% with the private segment down 13.3% and the diesel content down 37.3%.
Its new vehicle unit sales for the period were down 14.4%, with sales of new retail cars to private guests down 15.3%.
Aftersales revenues fell 14.4% but its contribution improved because of a reduced cost base.
Cambria said the lockdown continuing into the plate-change will have a negative impact on the full year results.
The said its order bank for March is behind the same period last year, however the roll out of the national vaccination programme is progressing well and an end to Lockdown 3 is in sight.
The Group expects to announce its Interim Results for the six months to 28 February 2021 on 5 May 2021.