Cambria Automobiles Plc Pre-close Trading Update (9369Q)
March 03 2021 - 2:00AM
UK Regulatory
TIDMCAMB
RNS Number : 9369Q
Cambria Automobiles Plc
03 March 2021
3 March 2021
Cambria Automobiles plc
("Cambria" or the "Group")
AIM: CAMB
Pre-close Trading Update and Notice of Interim Results
The Board of Cambria provides the following update on its
trading for the five months to 31 January 2021:
As reported in the AGM Trading Update on 7 January 2021, the
trading environment continues to experience significant uncertainty
as a result of COVID-19 and the various Lockdown and Tier
strategies imposed by the UK Government. During the first five
months of the financial year, all of the Group's showrooms were
closed for 54 days due to Lockdown restrictions with the majority
closed for a further 16 days as they operated in Tier 4 restricted
regions. Whilst the detailed Government guidance has and continues
to allow the Group's vehicle sales operations to operate a digital
click and collect service and workshops remain open, the current
Lockdown 3 restrictions are having a continued impact on the volume
of new and used cars that can be sold efficiently.
On 22 February, the Government informed the nation of its
intention to re-open non-essential retail (including car showrooms)
from 12 April at the earliest. Whilst the guidance on re-opening is
welcome, it will mean that the important trading month of March
will be negatively impacted by the Lockdown restrictions.
Trading Update
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%. The
Group's new vehicle unit sales for the period were down 14.4%, with
sales of new retail cars to private guests down 15.3%.
Used vehicle sales were also impacted by the trading disruption
outlined above. However, whilst the total used unit sales were down
31% compared with the same period in the prior year, the gross
profit per unit increased 16.4% to partially offset the unit
reduction.
Overall, the Group's aftersales operations delivered a good
performance and whilst revenue decreased by 14%, the contribution
from the aftersales departments improved as a result of the Group's
reduced cost base.
Notwithstanding the impact from Lockdowns during the period, the
Group's trading performance for the first five months of the
current financial year has been ahead of the corresponding period
in 2019/20. This performance is a direct result of the
COVID-related cost actions taken by the Group in the 2019/20
financial year, combined with the Board's utilisation of Government
support packages including the Coronavirus Job Retention Scheme
(CJRS) grant and business rates relief.
The Group's net debt balances totalled GBP5.7m as at 28 February
2021. Throughout the pandemic, the Group has remained up to date
with all of its VAT payments and has not utilised the VAT deferral
scheme.
Outlook
Whilst the Group's trading performance in the first five months
of the financial year is pleasing, given the potential impact that
the Lockdown restrictions could have had in the period, the results
have benefitted from the Government support stimulus. The various
Lockdown and Tiering strategies, particularly through the important
plate change month of March, will have a material impact on the
Group's financial performance in the year to 31 August 2021 and, as
a result, the Board deems it prudent to continue the suspension of
financial guidance to the market.
The 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 is
working as effectively as possible in the face of the challenges
outlined and continues to take a prudent approach to managing its
cost base and cash flow whilst utilising all of the learnings from
nationwide Lockdowns. Following the work undertaken to operate safe
and effective showrooms for our Associates and Guests in 2020, the
Group is confident of meeting consumer demand when allowed to
welcome Guests, hopefully from 12 April, in line with current
Government guidance.
The Group expects to announce its Interim Results for the six
months to 28 February 2021 on 5 May 2021.
-Ends-
Enquiries:
Cambria Automobiles Tel: 01707 280 851
Mark Lavery, Chief Executive
James Mullins, Finance Director
www.cambriaautomobilesplc.com
N+1 Singer - NOMAD & Joint Broker Tel: 020 7496 3000
Mark Taylor / Jen Boorer
Zeus Capital - Joint Broker Tel: 020 3829 5607
Dominic King
FTI Consulting Tel: 020 3727 1000
Alex Beagley / James Styles /
Sam Macpherson
Inside information
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon the
publication of this announcement via a Regulatory Information
Service ("RIS"), this inside information is now considered to be in
the public domain.
About Cambria - www.cambriaautomobilesplc.com
Cambria Automobiles ("Cambria") was established in 2006 and has
built a balanced portfolio of high luxury, premium and volume car
dealerships, comprising over 40 franchises representing major
brands across the UK. The Group's businesses are autonomous and
trade under local brand names, including County Motor Works, Dees,
Doves, Grange, Invicta, Motorparks and Pure Triumph.
The Group's strategy is to complement its existing franchise and
brand portfolio by acquiring earnings enhancing operations, using
its strong balance sheet and disciplined approach to capital
allocation.
Cambria's medium term ambition is to create a GBP1 billion
turnover business producing attractive returns on capital.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTSSWESEEFSELD
(END) Dow Jones Newswires
March 03, 2021 02:00 ET (07:00 GMT)
Cambria Automobiles (LSE:CAMB)
Historical Stock Chart
From Mar 2024 to Apr 2024
Cambria Automobiles (LSE:CAMB)
Historical Stock Chart
From Apr 2023 to Apr 2024
