6th May 2021 10:04
(Alliance News) - Aston Martin Lagonda Global Holdings PLC said on Thursday it was "delighted" with the progress it was making, after revenue more than doubled for the first quarter of 2021.
Revenue for the three months ended March 31 hit GBP224.4 million, up from GBP88.8 million for a year prior. The car maker attributed the improvement to "wholesale growth and stronger pricing dynamics" as dealers reduced stock as planned.
Its pretax loss for the quarter narrowed to GBP42.2 million from GBP110.1 million a year before. While wholesale volumes more than doubled to 1,353 vehicles from 578. That allowed the luxury sports car maker to cut net debt to GBP722.9 million from GBP956.1 million.
Aston Martin said it was trading in line with expectations for the quarter.
The Gaydon, UK-based firm also said it has been working hard to recover after its car-crash flotation in 2018 and subsequent difficulties in trading.
"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," said Executive Chair Lawrence Stroll.
"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."
Shares in Aston Martin were up 2.5% to 1,947.75 pence in London on Thursday morning.
By Will Paige; [email protected]
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