Sharp increase in sales and profits at luxury sports car manufacturer

Aston Martin Lagonda has reported a record increase in third quarter revenue and earnings in its first trading update to the stock market following last month’s £4.3bn IPO.

The Gaydon-based sports car manufacturer was boosted by growing demand for new models including the DB11 Volante and Vantage and rising sales in core markets such as China and the US.

In its first reporting period since the float on the London Stock Exchange, relating to the three months to the end of September, the company’s revenues soared 81% to £282m.

Adjusted EBITDA jumped 93% to £54m, driven primarily by higher volumes and increased contribution from market mix.

Profit before tax was £3.1m, up from £300,000 in the prior year quarter, as total wholesale volumes reached 1,776 units, compared with 891 in the same period last year.

During the quarter, the company saw “especially strong” growth in the Americas (+185%) and Asia Pacific (+133%).

Dr Andy Palmer, Aston Martin Lagonda president and group chief executive, said: “Aston Martin Lagonda has marked its first reporting-period as a listed company by delivering a sharp increase in unit sales, in profits and revenues.

“These strong results give us confidence that we will meet our full-year targets with sales at the top end of the range. This will pave the way for future growth as we prepare to begin production of the breakthrough DBX model at our new plant at St Athan, and as we receive further orders for new models including the DBS Superleggera and special editions.

“We are proud of our inaugural results as a listed company. They show that our Second Century plan is working and that we are well placed to deliver long-term sustainable growth. This will be core to our strategy as we continue to expand and as we deliver shareholder value.”

In China, sales more than doubled amid strong demand for DB11 derivatives and the new Vantage.

Unit sales in the UK increased 66%, offsetting lower volume growth and some softness in EMEA pending new model introductions in the region.

During the period, the company continued to make progress on the construction of its £250m super car plant at St Athan in Wales, where the new DBX model will be produced.

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