Aston Martin reveals its ‘renewed confidence’
Luxury car manufacturer Aston Martin Lagonda has said its on track to deliver £2bn of revenue by 2025.
Whilst losses widened last year amid supply chain and logistics disruption, the Warwickshire firm said it had ended 2022 with the strongest order book in years, significantly improved growth, enhanced margins and positive free cash flow.
Executive chairman Lawrence Stroll said Aston Martin is set on delivering £2bn of revenue and £500m of adjusted EBITDA by 2024/25 and will with significantly lower volumes than originally envisaged.
Aston Martin reported an increase in revenues of 26% with with around 80% of its current range of GT/Sports cars sold out for 2023.
It revealed an operating loss of £142m, compared to £74.3m the previous year. This included a £96m year-on-year increase in depreciation and amortisation, primarily driven by more expensive Aston Martin Valkyrie programme deliveries.
It blamed a loss of £495m to be impacted by a £156m negative revolution as the pound grew weaker, making US dollar denominated debt more expensive.
Stroll said: “While the last 12 months presented industry-wide challenges, we look to the future with renewed confidence in our ability to deliver on our vision, and the targets we have set.
“I knew it would take multiple years to build Aston Martin into the world’s most desirable ultra-luxury British performance brand. With the heavy lifting behind us, we are now poised to see the results of this transformation, starting in 2023.
“I remain highly confident that we will achieve our target to deliver 10,000 wholesales over the coming years, and with it, significantly enhanced financial performance”.
