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Cambria Automobiles saw underlying pre-tax profits rise 55.5% at £9.8m on turnover down 16% to £254.7m for the half year to 28 February 2021.
During the period new vehicle sales reduced by 16.6% with an 8.8% reduction in average profit per unit
Used vehicle sales fell 30.8%, which was partially offset by a 18.2% improvement in average profit per unit. Aftersales revenue decreased by 12.7% but with improvement in gross profit
The group warned that, pandemic aside, dealers were facing vehicle shortages caused by the shortage of semiconductors worldwide.
It said that factory closures were now having an impact on vehicle supply in both the retail and fleet car and van markets, which was also affecting the used car market.
Cambria could be the subject of a management buyout in 2021. Last month the Cambria Board said it had consented to CEO Mark Lavery, finance director James Mullins and motors division MD Tim Duckers exploring the possible acquisition of the shares they do not currently own a at price of 80 pence in cash per Cambria share.
Discussions between the parties are ongoing but now the deadline has been extended by 28 days to 17 May.
Lavery said: “Whilst I am pleased with the overall performance of the group in the first half of our financial year, the imposition of various Lockdown restrictions has clearly had a material impact on the volume of cars that we have been able to sell to our guests.
“There is no doubt that most retail operations learnt vital lessons during Lockdown 1 to adapt to different trading models and our business was no different, seamlessly migrating towards a digital click and collect offering for vehicle sales whilst operating the aftersales departments as efficiently as possible.