9:03 am, May 3, 2023
Aston Martin Lagonda has signed off a smaller pre-tax loss of £74m for the first quarter of 2023.
The British luxury brand saw its losses narrow by 34 per cent in Q1 compared to the same period last year, where the company reported a £112m pre-tax loss.
The company said the £74m loss included ‘lower year-on-year net financing charges due to a positive non-cash FX revaluation impact’.
Latest accounts filed on the London Stock Exchange also reveal an operating loss of £51m which, said Aston Martin Lagonda, included ‘a £19m year-on-year increase in depreciation and amortisation, driven by higher Aston Martin Valkyrie programme deliveries and the continuing accelerated amortisation of capitalised development costs ahead of next generation of sports cars starting in 2023’.
A nine per cent improvement in wholesale volumes (1,269 cars for Q1) and higher prices helped narrow the pre-tax loss, driven mostly by the DBX.
Sales of the SUV grew by 59 per cent year on year, underpinned by the high performance DBX707 variant.
Aston Martin Lagonda CEO Amedeo Felisa said: ‘Over the course of the first three months of the year, we have continued to build on the progress we have made to meet strong customer demand and deliver on our targets.
‘Our Q1 performance was in line with expectations, with strong growth in DBX deliveries led by the critically acclaimed DBX707 – the world’s most powerful luxury SUV.
‘The transition of our portfolio, led by the DBX707, is accelerating, with the first of the next generation of sports cars coming off the production line in Gaydon ahead of its unveiling later this month.
‘We remain on track to deliver a number of thrilling new Specials in the second half of the year.
‘Our new portfolio will also bring significant improvements in profitability, with all new models, from the DBX707 onwards, continuing to target a 40 per cent-plus gross margin.
‘We have also further strengthened our organisation, promoting internal talent and hiring new leaders to enhance our execution capabilities, focus our investments in areas that will continue to differentiate the Aston Martin driving experience, and deliver on our goals.’
