Losses spiral at Aston Martin during ‘transformative’ year
Revenues and profits at luxury car marker Aston Martin Lagonda have slumped dramatically for the 12 months to 31 December 2020.
Turnover at the company fell by 38% to £611.8m, while operating losses rose to £323m
Bosses at the firm say the results were in line with expectations and put the figures down to the effect of Covid and a reduction in wholesales.
Aston Martin spent much of last year trying to rebalance supply to demand and transitioning to a build-to-order model through it’s ‘Project Horizon’ plan.
Lawrence Stroll, executive chairman, said: “2020 has been a transformative year for Aston Martin. Since I became executive chairman in April, we have made significant progress to position the company for success to capture the huge and exciting opportunity ahead of us.
“We have appointed a world-class executive leadership team with deep experience of this industry and earlier this month announced new non-executive appointments to the board bringing a wealth of relevant luxury and automotive experience.
“I am extremely pleased with the progress to date despite operating in these most challenging of times. I both welcomed the strong support we received from existing investors and was delighted to attract new investors to Aston Martin through the successful refinancing actions taken during 2020.
“I, and my co-investors, are fully committed to delivering this plan and are confident in the future success of Aston Martin as we transform the company to be one of the greatest luxury car brands in the world.”