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Cambria annual profit falls as Covid-19 lockdown impact bites
StockMarketWire.com
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Automotive retailer Cambria reported a fall in profit as the lockdown earlier this year forced the group to shutter its showrooms, denting revenue.
For the year to 31 August 2020, pre-tax profit fell 18.4% to £10.2 million year-on-year as revenue slipped 20.3% to £524 million.
After a strong first half of the financial year, the trading performance in the second half was 'significantly impacted by the COVID-19 pandemic and particularly the enforced national lockdown for the period 24 March 2020 to 31 May 2020, which required the closure of all non-essential retail businesses, including car showrooms,' the company said.
Sales of new vehicles reduced by 26.3% and used vehicles sales were down 20.9%.
The company did not propose a dividend for this year.
The company said the second enforced national lockdown was having a 'significant impact on our day to day trading.'
At 9:43am: (LON:CAMB) Cambria Automobiles PLC share price was 0p at 58p
Story provided by StockMarketWire.com
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