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Profits fall but board remain confident as 'market softening' hits luxury car dealer

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Mark LaveryMark LaverySwindon-based luxury motor dealer Cambria has reported reduced revenue and profits in the face of a 'market softening' of new car sales.

Revenue was down by 4.5 percent to £295.1 million and underlying profit fell 14.3 percent to £4.8 million in the six months to 28 February 2018, according to interim results published by the group.

Like-for-like new vehicle sales fell by 14.1 percent, while like-for-like used car sales were down 0.8 percent.

Despite the drop in sales, the company – which trades across the UK under local brand names including County Motor Works, Dees, Doves, Grange, Invicta, Motorparks and Pure Triumph – said it was confident of delivering a financial performance in-line with current market expectations.

Chief executive Mark Lavery said: "The Group has delivered a solid financial performance in the first half which gives us confidence that we will maintain momentum in the second half and deliver a financial performance which is in line with current market expectations for the year as a whole.

"This is a notable achievement given the economic backdrop, consumer uncertainty, diesel demonisation and cost pressures.

"The continued pressure in the new car market was predictable and we highlighted this in our preliminary results last year.

"We have made excellent progress with the Group's franchising strategy, adding two Bentley dealerships, one Lamborghini dealership and one McLaren dealership in the period."

Locally, the group's new Jaguar Land Rover dealership in Dorcan Way is expanding to capitalise on the growing popularity of the marques.