Aston Martin posts first-quarter profit for the first time in 10 years

 
Helen Cahill
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79th Geneva Motor Show
The carmaker plans to move into manufacturing electric cars (Source: Getty)

Aston Martin has announced a first-quarter profit for the first time in 10 years.

The figures

In the three months to March, Aston Martin made a pre-tax profit of £5.9m, up from a loss of £29.7m last year. Profit after tax came in at £4.8m.

Revenues at the luxury car maker more than doubled to £188.3m in the quarter.

The business expects its revenues will rise to more than £800m in 2017. It also said sales will rise by more than 30 per cent; in 2016, Aston Martin sold 3,687 cars.

Why it's interesting

The news of a profit comes after years of annual losses at the car maker. The firm has declared bankruptcy seven times since it was founded.

Last year, Aston Martin reported a pre-tax loss of £162.8m, which was in part caused by a £55m loss due to the fall in the value of the pound since the Brexit vote.

But Aston Martin's recent sales have been helped by the launch of the DB11 model, which was launched late in 2016. And, it is looking to the future, saying today that it still plans to enter the electric car market. Last year, Aston Martin announced its merger with LeEco, a Chinese firm that backed electric car business Faraday Future.

What Aston Martin said

Andy Palmer, Aston Martin president and chief executive, said: "The group has made a strong start to the year. We are delivering on our 'Second Century' transformation program and building sustainable profitability.

"Forthcoming models, including the new Vantage and Vanquish, will expand on our recent growth, underpinned by the financial resources and operational discipline of a true British success story in luxury car production."

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