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By Anthony O. Goriainoff
Cambria Automobiles PLC said Friday that performance in the second half of fiscal 2021 has been in line with management’s expectations, but warned that uncertainty remains in the automotive market.
The London-listed auto retailer said performance in the period has matched management’s views, and come in line with pre-pandemic levels. Cambria noted that the used car market continues to perform well with second-hand vehicles increasing in value.
“The used car market looks like it will remain strong throughout September with the continued level of demand exceeding supply,” the company said.
However, it noted that because of supply issues, there remains forward-looking uncertainty in the new car market.
“The new car order bank for the important September trading month is currently significantly behind prior year and the level of new vehicle inventory available for the group to sell from stock is significantly reduced from prior year,” it said.
Cambria said that in the 11 months to July 31, sales of new retail units to private guests were down 3.9%, and that total new vehicle unit sales–including fleet and commercial–were down 3% on the comparable prior year period.
However, the company said that its aftersales operations performed well, and that aftersales revenue rose by 1.8% in the period.
Cambria said separately that Cambria Bidco Ltd. intends to extend its offer for the company in early September. In July, the company agreed to a new 82.5 million-pound ($113 million) takeover offer.
Shares at 1445 GMT were flat at 82.25 pence.
Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com
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