11:02 am, July 26, 2023
Aston Martin has managed to halve its pre-tax losses, latest figures show.
In a half-year report for the six months to June 30, released this morning via the London Stock Exchange, the British luxury sports car and grand tourer manufacturer said it was in the red to the tune of £142.2m – down by half on the £285.4m deficit it posted for the same period last year.
The number of vehicle sales worldwide increased by 10 per cent year on year from 2,676 to to 2,954.
Most of the sales were made in the Americas – up by 48 per cent from 720 to 1,062. The UK, however, saw sales decline from 488 to 445 – a drop of nine per cent.
The number of dealerships worldwide – across 54 countries – went down by two to 163, with the UK bearing one of the losses.
Revenue as a whole went up by a quarter from £541.7m to £677.4m, while adjusted Ebitda rose by 38 per cent from £58.6m to £80.6m.
It said its performance for the second quarter was ahead of expectations, while the rise in revenue over the six months was attributed in part to strong sales of the DBX.
Among Aston Martin’s featured operational highlights of the six months was the May launch of its DB12, billed as the world’s first super tourer, while the following month it opened the doors to Q New York – its first ultra-luxury flagship – on Park Avenue in the Big Apple.
Executive chairman Lawrence Stroll said today: ‘Although we may only be halfway through the year, 2023 has already proven to be a remarkable year in which Aston Martin has shone brighter than ever.
‘In May we launched DB12, marking the start of our new generation of front-engine sports cars that will further reposition Aston Martin as an ultra-luxury, high-performance brand, with timeless design combining with the latest technology and the most thrilling driving experience.
‘DB12 is a unique model that elevates itself beyond the GT segment, creating a new category of one.
‘Our excitement for this model has been shared by customers, dealers and leading journalists, and with incredible early demand [and] rave reviews from the first media drives, we are sold out for the rest of year with orders already building into 2024.’
He added: ‘We are also continuing to invest in our brand and go-to-market strategy, as well as building on the transformational partnership with Aston Martin Aramco Cognizant Formula One Team.’
Stroll hailed Q New York for providing ‘an unrivalled customer experience, as well as the most advanced and sophisticated luxury specification experience available anywhere in the world’.
Aston Martin’s DB12, which was unveiled in May
He commented: ‘At the end of June, we also provided a significant update on our electrification strategy and plans to create a singular, Aston Martin BEV platform, with world-class suppliers complementing our extraordinary in-house engineering and design teams.
‘Our electrification journey will start with Valhalla, our first PHEV supercar, and we plan to expand our PHEV range into our core vehicles, which will bridge the customer journey from ICE to full BEV.
‘In addition, we are now driving new levels of operational excellence to support our growth and deliver on our targets which focus on increasing value for each car we sell, aligned with the characteristics of a true ultra-luxury company.’
CEO Amedeo Felisa said: ‘Whilst celebrating our 110th anniversary, the first half of 2023 has seen us continue to deliver on our targets, while reaching landmark agreements with world-class partners to support our longer-term growth and electrified future.
‘Following its successful launch and strong early appeal, DB12 deliveries are commencing this quarter, providing excited customers with their first opportunity to experience our new line-up of thrilling sports cars.
‘The expansion and transformation of our portfolio across both core and specials will continue throughout the second half of the year, including the arrival of the recently unveiled ultra-exclusive special, Valour.
‘We have seen unprecedented demand, and within two weeks all 110 units have been sold, with a growing waiting list.’
Looking ahead, Aston Martin said in its report: ‘We remain well on track to achieve our medium-term financial targets of circa £2bn revenue and circa £500m adjusted Ebitda by 2024/25.
‘The company expects to substantially achieve these financial targets in 2024 and, with continued strong momentum, is likely to exceed them in 2025.’
