Cambria Automobiles Plc AGM Trading Update (8326K)
07 Gennaio 2021 - 8:00AM
UK Regulatory
TIDMCAMB
RNS Number : 8326K
Cambria Automobiles Plc
07 January 2021
7 January 2021
Cambria Automobiles plc
("Cambria" or the "Group")
AIM: CAMB
AGM Trading Update
The Board of Cambria provides the following update on recent
trading ahead of its AGM at 10:30am today:
The trading environment continues to experience significant
uncertainty as a result of COVID-19 and the various Lockdown and
Tier strategies imposed by Government with the intention of
reducing the spread of the virus. Following the Government's
initiation of Lockdown 2, car showrooms were ordered to close
immediately from Thursday 5 November to Wednesday 2 December 2020,
alongside other non-essential retail businesses, which impacted the
period under review. During this Lockdown the aftersales operations
were able to remain open as normal and vehicle sales operated on a
click and collect basis only. Subsequently, on 19 December, the
Government introduced a new Tier 4 restriction system which, whilst
not a national Lockdown, imposed the same restrictions as the
November Lockdown for businesses in those areas. On 4 January 2021,
the Government initiated a further national Lockdown 3 with
enhanced restrictions on travel while ordering the nation to work
from home wherever possible. Whilst the detailed guidance still
allows the Group's vehicle sales operations to operate a click and
collect service and the workshops to remain open, there is no
certainty as to how long the restrictions will be in force.
Despite the significant disruption as a result of COVID, the
Group traded well in September and October whilst November trading
was impacted by the aforementioned Lockdown. Notwithstanding the
Lockdown impact, the Group's trading performance for the first
three months of the current financial year to 31 August 2021 has
been ahead of the corresponding period in 2020.
In the period, the new car market was down 9.4% with the private
segment down 7.8% and the diesel content down 33.6%. The Group's
new vehicle unit sales for the quarter were down 12.9%, with the
sales of new retail cars to private guests down 12.8%.
Used vehicle sales were impacted by the trading disruption
outlined above. Whilst the total used unit sales were down 25.9%
compared with the same period in the prior year the gross profit
per unit increased significantly to partially offset the unit
reduction.
Overall, the Group's aftersales operations delivered an
acceptable performance, with revenue decreasing by only 9.6%.
The cost base of the Group remains well controlled. The Group
continues to utilise the Government's Coronavirus Job Retention
Scheme and is still seeing the cost reduction benefit of the
Business Rates waiver which currently remains in place until April
2021.
Outlook
The UK Government was able to announce a BREXIT deal on 24
December 2020 which allows for tariff free trade between the United
Kingdom and the European Union and this is a relief to the Group
and to the Automotive industry in the UK.
The uncertainty created by COVID-19 remains a major concern for
stakeholders in the sector as the spread of the virus continues to
accelerate and the need for more restrictive Lockdown actions have
been implemented by the Government. The recent announcements of
approved vaccines to combat COVID-19 is seen as a very positive
step and we are hopeful that this will help to stem the spread of
the virus as the vaccines becomes effective and enable the
Government to reduce the restrictions.
The Group continues to work as effectively as possible in the
face of the challenges outlined and continues to take a prudent
approach to managing the Group's cost base and cash flow whilst
utilising all of the learnings from nationwide Lockdowns to ensure
that it delivers a safe and effective environment for its
Associates and Guests while abiding by the restrictions in
place.
The result of the various Lockdown and Tiering strategies being
enforced will have a material impact on the Group's financial
performance in the financial year to 31 August 2021 and as a
result, the Board deems it prudent to continue the suspension of
financial guidance to the market.
-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.
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