Losses slashed by luxury car manufacturer
Aston Martin has cut losses by almost a half as it reaches new audiences and customers.
The luxury car manufacturer reported a year-to-date loss before tax of £260m, a 49% decrease from its year-to-date 2022 loss of £511m. This was also impacted by the revaluation of its US dollar-denominated debt.
Strong demand has been seen across existing and new product lines, with the recently launched DB12 driving reappraisal of Aston Martin amongst new audiences, with 55% of its initial customers new to the brand and the order book now extending to Q2 2024.
Revenue has increased by 21% year-on-year to £1.04bn, which the group says is primarily driven by higher volumes of core and special vehicles, as well as the first deliveries of the sold-out Aston Martin Valkyrie Spider.
Wholesale volumes increased by 8% year-on-year to 4,398 (YTD 2022: 4,060) as the group continues to transition to its next generation of sports cars.
Stroll through his investment vehicle the Yew Tree Consortium purchased a further 26 million shares, taking his total share capital to 26.23%.
He was already Aston Martin’s largest shareholder, followed by Saudi Arabia’s Public Investment Fund, Geely and Mercedes Benz.
Shareholders Yew Tree, Saudi Arabia’s Public Investment Fund, Geely and Mercedes Benz agreed to subscribe to £130m of shares, with the rest available to institutional investors.
Lawrence Stroll, Executive Chairman commented: “Our 110th anniversary year continues to be a fantastic one for the Company, and we are delighted with the strategic and financial progress we have made during the first nine months of 2023. Our volumes, pricing, gross margins and EBITDA are showing strong improvement and we are delivering an accelerated industrial turnaround”.
