Cambria Automobiles has reported a record turnover in the year to the end of August 2016, as well as a £4 million rise in operating profits to £12.4 million.
Turnover at the dealership group exceeded £600 million for the first time to hit £614.2 million. The group has made some quite notable changes to its dealership portfolio over the past year, acquiring Jaguar and Land Rover dealerships in Woodford and the Land Rover dealership in Welwyn Garden City. At the same time, it disposed of its Jaguar dealerships in Exeter and Croydon and its Aston Martin site in Exeter.
Successful dealership chains are often making changes such as those above to their portfolio of properties and sites in order to respond to market fluctuations. This can be a wise business move providing they update their traders combined insurance to reflect their new-look operations.
The firm's chief executive, Mark Lavery, said: "The acquisitions that we have made will contribute to revenue growth in the next financial year. I am pleased with the investments that we have made during the course of the year."
Chairman, Philip Swatman, talked about the challenges that face the industry, stating: "The UK economy is in a period of uncertainty while the ramifications of leaving the EU are worked through. There is a lack of clarity on how any free trade agreements will be negotiated and there are major implications for the sterling exchange rate and other fiscal levers.
"At the time of writing, we are unclear as to how these factors will impact the UK motor trade. That said, we are continuing to invest for future growth as we consider that the group is in a strong financial position and will be able to adapt as required."