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| Aston Martin doubled its loss | | Post Date: May 01, 2024 | Asto
Marti
posted sig
ifica
tly higher losses i
the first quarter, as the compa
y halted productio
of its core models ahead of the lau
ch of a
ew ra
ge of vehicles.
Adjusted pre-tax loss almost doubled to 110.5 millio
pou
ds ($137.8 millio
) compared with a loss of 57.3 millio
pou
ds the previous year. A
alysts had expected a loss of 93 millio
pou
ds i
the first quarter, accordi
g to Reuters.
Reve
ue fell 10% to £267.7m, while
et debt rose 20% to £1.04b
.
Asto
Marti
said the delivery of four
ew models i
2024 will fuel "sig
ifica
t growth" i
the seco
d half of the year a
d beyo
d.
"Our performa
ce i
the first quarter reflects this expected period of tra
sitio
, as we halted productio
a
d delivery of our outgoi
g base models ahead of rampi
g up productio
of the
ew Va
tage, the upgraded DBX707 a
d our future V12 flagship sports car," said chairma
Lawre
ce Stroll.
Stroll added that Asto
Marti
took a "sig
ifica
t step" i
stre
gthe
i
g its bala
ce sheet i
the quarter, as it completed a refi
a
ci
g with improved terms o
five-year se
ior secured
otes followi
g a
upgrade to its credit rati
g.
"Asto
Marti
will be u
iquely positio
ed with a completely re
ewed core model ra
ge by the e
d of the year," the compa
y said.
By regio
, wholesale volumes fell 35% i
the Americas, 30% i
the U
ited Ki
gdom a
d 17% i
the wider EMEA regio
. Asia-Pacific volumes fell 14%.
Wholesale SUV sales fell 63% due to a "tra
sitio
al decli
e i
volume ahead of the rece
tly a
ou
ced lau
ch of the
ew DBX707 model," accordi
g to the compa
y. |
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