Aston Martin anticipates ‘exciting year’

Aston Martin Lagonda has said it remains on its way to achieve its target of £2bn revenue by 2025 and complete 10,000 wholesales.

The luxury car manufacturer has shrunk its losses, reporting a loss before tax of £74m (Q1 2022: loss of £112m) which include lower financing charges due to a positive non-cash FX revaluation.

It has also seen revenue increase by 27% in Q1 to £296m, which it says has been driven by higher volumes, strong pricing and its DBX707 and V12 Vantage models.

Gross profit increased by 21% to £102m (Q1 2022: £84m) with wholesale volumes up by 9% to 1,269.

As Aston Martin continues its year-long celebration of its 110th anniversary, which will culminate in the launch of a limited-edition special model later in the year, the firm also unveiled its DBS 770 Ultimate, the most powerful production Aston Martin ever in January. All 499 examples have sold out and deliveries are scheduled to begin in Q3 2023.

It also announced that it is increasing employment at its Gaydon headquarters with the creation of more than 100 new skilled jobs in its manufacturing facility to support the launch of its next generation of sports cars.

And it says it made further progress in its sustainability strategy Racing.Green. as it aims to use CO2 emission offsets to establish carbon neutral status for its Gaydon and St Athan plants.

Lawrence Stroll, Aston Martin Lagonda Executive Chairman said: “2023 is set to be one of the most exciting years in Aston Martin’s history. In addition to celebrating our 110th anniversary and our exciting line-up of Specials, it will also see the start of our next generation of sports cars which will truly reposition Aston Martin as an ultra-luxury performance brand and enhance our growth.

“Since the start of the year, we have continued to see strong demand across our product range, with our current range of sports cars essentially sold out for the year. The DBX707, the first car developed under my leadership, continues to receive broad media acclaim and, with a growing number incredibly satisfied customers, is strengthening the DBX orderbook in our all major markets, as well as our overall financial performance.”