8:46 am, July 24, 2024
Aston Martin saw its pre-tax loss deepen by more than 50% to over £216m over the first half of the year.
In its report for the six months to June 30, the luxury British brand said its loss before tax plunged by 52% to £216.7m from its £142.2m deficit over the corresponding period last year.
Operating loss, meanwhile, reached triple figures, going from a deficit of £93.2m to £106.1m – a drop of 14%.
Total wholesale volumes were down by 32% from 2,954 to 1,998, which translated to revenue falling by 11% from £677.4m to £603.0m.
Adjusted Ebitda fell by 23% from £80.6m to £62.2m. However, gross margin went UP from 34.9% to 38.6%.
Executive chairman Lawrence Stroll was upbeat about the figures and said the company was still on course for a strong second half.
‘As we commence an exciting second half of 2024, Aston Martin is at a pivotal moment in its journey, with our immense product transformation supporting volume growth and sustainable, positive, free cash-flow generation later this year, of which we have full confidence in achieving.
‘In line with prior guidance, our execution in the first half of the year focused on the successful delivery of our new Vantage and upgraded DBX707 and we remain on track to deliver a strong second-half performance,’ he said.
‘This will be underpinned by a significant ramp up in wholesale volumes, including both the new V12 flagship Vanquish and ultra-exclusive Valiant Special, which we recently unveiled at Goodwood with Fernando Alonso.’
Stroll added: ‘Our high-performance products and ultra-luxury brand positioning strategies are creating strong demand amongst a new audience and existing loyal customers.
‘Vantage’s extremely positive media reception and reviews position it at the very top of the sports car segment, while the upgraded DBX707, with its new interior and state-of-the-art infotainment, and the multi-award-winning DB12 underpin the strength of our next-generation models.
‘In tandem, Formula One continues to drive considerable excitement and reappraisal of our brand with new and existing audiences.
‘Earlier this year, we successfully completed our planned refinancing, securing improved five-year terms following credit rating agency upgrades, and enhancing our liquidity through a new increased RCF [revolving credit facility] provided by our existing lenders.’
The manufacturer also announced today that new CEO Adrian Hallmark will take up his role on September 1, replacing Amedeo Felisa.
Car Dealer reported in March that Hallmark would be quitting as Bentley Motors chairman and CEO at his own request and by mutual consent to head up Aston Martin.
Stroll said today that Hallmark would bring ‘unrivalled experience in both the ultra-luxury and British automotive sectors to further progress delivery of our strategic goals’.
Felisa will step down from the board on the same day.
