Cambria Automobiles announces strong start to new financial year

Total revenue for the year fell 5.57 per cent to £352.5m at UK motor dealer group Cambria Automobiles, according to the group's full year results published on Friday.

Total revenue for the year fell 5.57 per cent to £352.5m at UK motor dealer group Cambria Automobiles, according to the group's full year results published on Friday.

In the financial year to August 31st 2012, underlying profit before tax at the group fell to £3.1m, compared to £4.9m in the previous year. This was in line with the board's expectation, reflecting weaker new car volume and profitability, particularly in the first half of the year.

Continuing businesses made an underlying profit before tax of £3.5m with the acquired dealership making a loss of £0.22m and disposed dealership making a loss of £0.14m.

A rationalisation programme was implemented in the first quarter with a one-off cost of £0.3m.

The group posted net assets worth £21.5m and a balance sheet position with £0.3m of goodwill. The underlying return on shareholders' funds was 13.5% and the group made an announcement of a dividend for the year of 0.3p per share, versus none last year.

The firm has also announced its intention to maintain a progressive dividend policy.

Commenting on the results, Mark Lavery, Chief Executive said: "Cambria has performed in line with our expectations and, after a particularly difficult first half, has produced a far better second half. The cost rationalisation programme carried out in the first half is now broadly completed and while we continue to look at areas where cost saving can be made, we are in a leaner position than at the same point last year."

He added: "The group has had a strong start to the current financial year, ahead of business plan and significantly ahead of previous year. New car volumes are 8.6% ahead of last year with improved margin. I am pleased to report that our Guest Connect programme is in its second year of operation and it is having a significant effect on aftersales profit contribution. I remain confident that the group will deliver an improved performance in our 2013 financial year. "

RF

Recommended

Best junior stocks and shares ISA platforms
Isas

Best junior stocks and shares ISA platforms

A junior stocks and shares ISA is a great way to save for your child tax-efficiently. But it can be confusing deciding which investment platform to ch…
28 Mar 2023
The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into
2 Mar 2023
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
27 Feb 2023
The outlook for Shell shares is mixed, despite bumper profits
Energy stocks

The outlook for Shell shares is mixed, despite bumper profits

With profits surging, it looks as if Shell is on a roll, but the company’s growth from here is hard to see as Rupert Hargreaves explains.
6 Feb 2023

Most Popular

Will energy prices go down in 2023?
Personal finance

Will energy prices go down in 2023?

Ofgem’s price cap is now predicted to fall to around £2,000, based on average typical use, for the first time since 2022. We have all the details.
31 Mar 2023
Best areas for buy-to-let in the UK
Buy to let

Best areas for buy-to-let in the UK

If you’re thinking of getting a buy-to-let property you’ll want to know the areas in the country with the highest rental yields
29 Mar 2023
The best one-year fixed savings accounts - March 2023
Savings

The best one-year fixed savings accounts - March 2023

Earn over 4% on one-year fixed savings accounts.
30 Mar 2023