Aston Martin narrows losses as sales more than double
Aston Martin has staged somewhat of a recovery in the first quarter, narrowing its losses as sales to dealers more than doubled.
The carmaker posted a smaller first-quarter loss of £42.2m compared with the £110.1m posted in the same period last year.
Coronavirus restrictions have hit Aston Martin’s sales hard and last year it asked investors to snap up £152m of new shares in a bid to bolster its finances.
In a statement today it said total sales to dealers more than doubled to 1,353 vehicles in the first quarter.
It was helped by the arrival of its first sport utility vehicle, the DBX, which rolled off the production line last July and represented 55 per cent of sales in the first quarter.
“I am delighted with the great progress we are making as demonstrated by the results we are reporting today which mark the first steps towards achieving our medium-term targets, chairman Lawrence Stroll said. “My co-investors and I are very confident in the future success and potential for Aston Martin as we transform the Company to be one of the greatest luxury car brands in the world.”
The luxury car brand is maintaining its full-year guidance that volumes will stand at around 6,000 vehicles. It added it hopes to reach 10,000 wholesales, £2bn revenue and £500m adjusted EBITDA by 2024/25.
“I am pleased with our performance in the first three months of the year, delivering results in-line with our expectations of good growth and progress on the path to improved profitability and cash generation,” chief executive Tobias Moers said.
“Today’s results signal our progress to date, underpinning our confidence in delivering our transformational growth plans to create a world-class, self-sustaining luxury automaker.”