The number of new high-end vehicle franchises means auto retailer Cambria is well-placed to drive future growth, according to a trading update.
The company, which is headquartered in Swindon, has opened two refurbished Bentley dealerships in 2018, alongside one Lamborghini dealership and one McLaren dealership. A further Lamborghini dealership is to open on 6 November.
The company also revealed plans to open a Peugeot dealership in Warrington, replacing the company’s existing Fiat dealership.
According to the trading update, adjusted profit for the 11 months to 31 July 2018 is behind the prior year, but consistent with the first half to 28 February 2018 being 14.3 per cent down year on year.
Mark Lavery, chief executive, said: “I am pleased that we continue to deliver solid financial results in a difficult market which has not been helped by the government’s inconsistent messaging around its forward-looking position on diesel engines.
“Whilst the group’s financial results are behind prior year, as previously flagged due to the pressures in the new car market, the board is confident of delivering a full year result in line with market expectations.
“The team has had a busy 2018 thus far with a number of franchising changes and delivery of major property refurbishments and developments. Whilst the property and franchising initiatives have impacted the current financial year, they leave the group well placed with a significantly enhanced property portfolio and an increase in representation in the High Luxury Segment.
“The addition of two Bentley, two Lamborghini and one McLaren franchise has helped diversify the group’s brand portfolio while also providing a significant opportunity as these businesses mature in their new sites. The board is confident the platform is now in place to drive future growth.”
Source: Insider Media