Aston Martin makes ‘great progress’ in turnaround strategy
Aston Martin’s turnaround is gathering pace as the car maker’s new owners see early signs of progress.
Revenues were up 153% to £224.4m in the first quarter of the year, with pre-tax losses narrowly significantly, from £110m to £42m.
Executive chairman Lawrence Stroll, who took over last year, said: “I am delighted with the great progress we are making as demonstrated by the results we are reporting today which mark the first steps towards achieving our medium-term targets
“My co-investors and I are very confident in the future success and potential for Aston Martin as we transform the company to be one of the greatest luxury car brands in the world.”
Performance highlights include dealer inventory for its GT/Sport now being at the company’s “ideal levels”, earlier than originally planned and supporting stronger pricing dynamics. It has also seen growth in orders for both its GT/Sport and DBX models.
Tobias Moers, chief executive officer added: “Today’s results signal our progress to date, underpinning our confidence in delivering our transformational growth plans to create a world-class, self-sustaining luxury automaker.”
Moers joined Aston Martin from Mercedes Benz last summer after former chief executive Andy Palmer left in May 2020. Palmer had been responsible for the company’s Second Century Plan, which had delivered significant improvements culminating in a stock market float at the end of 2018.
But going public was a disaster, with its value crashing 75% in its first year, creating the opportunity for billionaire Stroll to take control.