Cambria Automobiles' profits grow despite falling sales

4th Jan 2019 08:33

(Sharecast News) - Luxury car dealer Cambria Automobiles has kicked off its year with an in line performance, ahead of the prior year on a total and like-for-like basis.Cambria noted the new car market had been "significantly affected" by the impact of changes in the emissions testing regime to Worldwide Harmonised Light Vehicle Test Procedure back in September, driving new car sales down 24.9% in the first quarter of its current trading year.However, the AIM-listed firm said it had managed to offset much of the losses with an improved gross profit on a total basis as a result of a stronger mix from its newly franchised outlets representing Bentley, Lamborghini and McLaren.On the used vehicle front, sales were down 10.5% year-on-year as "significant changes" to its franchise portfolio mix and the closure of the group's Blackburn site had a "material impact on sales volumes".Looking forward, Cambria said it remained "cautious" regarding the "general uncertainty in the economy and around the consumer environment".Cambria said: "The continued progress made through 2018 with the group's franchising and property development has further enhanced Cambria's excellent portfolio of dealerships and leaves the business well positioned for the year ahead."As of 0830 GMT, Cambria shares had picked up 4.59% to 57p.