Cambria Automobiles (AIM:CAMB) – promising pre-close but the share price keeps falling
We commented earlier on AIM quoted Vertu Motors and another UK automobile retailer Cambria Automobiles also issued a strong pre-close statement today.
Cambria Automobiles was admitted to trading on AIM in April 2010 and operates from 25 sites with a total of 37 dealer franchises. Take your pick from Aston Martin, Jaguar, Volvo, Ford, Fiat, Mazda, Honda, Renault, Citroen, Seat, Lotus, Nissan and Triumph – we have a preference for the first name on the list!
Following the strong results for the half year to 28 February 2010 management announced that trading for the second half of the financial year to 31 August 2010 has remained resilient with full year results for the period to 31st August 2010 predicted to be slightly ahead of the market expectations. The house broker upgraded their pre-tax profit forecast from £4m to £4.15m for this year, resulting in EPS of 3.0p (2.9p previously forecast). However, they maintained their pre tax profit forecast for the year to August 2011 at £5.2m due to concerns about the outlook for UK consumer spending.…