10:44 am, November 4, 2021
Aston Martin has seen its revenue almost treble this year, with its pre-tax loss massively cut and its adjusted EBITDA leaping out of the red and back into the black.
Its results for the nine months to September 30, posted on the London Stock Exchange this morning (Nov 4), show that revenue went up by 173 per cent from £270m over the same period in 2020 to £736.4m.
Total wholesale volumes rose by a similar percentage from 1,555 to 4,250.
The manufacturer’s pre-tax loss has been slashed from £307.9m to £188.6m. As a result, its adjusted EBITDA has gone from -£117.6m to £72.3m.
Meanwhile, its operating loss went from £229.1m to £68.2m, in spite of more investment in brand and marketing, as well as what it called a ‘non-repeat of 2020 £13m furlough credit’.
Its first luxury SUV the DBX was said to be on plan with more than 2,100 delivered, although the third quarter was affected by some 200 job cuts at St Athan.
The Aston Martin DBX
Other highlights under the Project Horizon transformation initiative included production on the Aston Martin Valkyrie hypercar scaling up, with the first customer car completed and deliveries due to start in the fourth quarter.
The Valkyrie Spider hypercar is now said to be twice oversubscribed, and with only 85 of them being built, the unit allocations to customers are being finalised.
Aston Martin’s electrification strategy is said to be still on course, with all new vehicles to have an electrified powertrain option – hybrid or battery-electric – from 2025/26, and more than 90 per cent of its global portfolio to be electrified or battery-electric by 2030.
Executive chairman Lawrence Stroll said: ‘Through the first nine months of this year we have successfully built on the foundations we put in place for the company’s success in 2020.
‘Not only do we have low dealer inventory, but it is also healthy and fresh – a testament to our shift to ultra-luxury positioning.
‘The excitement around and demand for the brand are tremendous, with good visibility for sales, increased interest to be part of our journey from potential new dealers and fantastic demand for our limited run Specials.’
He added: ‘Our team has been laser-focused on successfully executing our exciting plans to transform Aston Martin to be one of the greatest ultra-luxury brands in the world.
The Aston Martin Valkyrie
‘Our progress to date, the new products we are launching, the team we have assembled and the partnerships we have forged give me great confidence in our continued success on the path to achieve our medium-term objectives of £2bn in revenue and £500m of adjusted EBITDA.’
Meanwhile, chief executive Tobias Moers said: ‘I am pleased with our performance to date, delivering strong results in line with our plans to improve profitability.
‘The shift to a demand-led, ultra-luxury operating model achieved earlier this year continues to support strong pricing dynamics, with order cover through 2021 and extending into 2022.
‘Our excellent progress on “Project Horizon” as we drive efficiency and agility throughout our business is delivering results, with further operational milestones of consolidating our paint shops and restructuring our St Athan operations completed during the quarter.’
He added: ‘We continue to strengthen our operational teams, with a triple-digit number of new engineers joining the company over the last year as we focus on developing our future portfolio of compelling products on our journey from combustion to hybrid to electric.
‘Our confidence in delivering our transformational growth strategy to create a world-class, sustainable ultra-luxury brand is underpinned by our excellent progress on execution to date, as demonstrated with the results we have reported today.’
