4th Nov 2021 09:58
(Alliance News) - Aston Martin Lagonda Global Holdings PLC on Thursday said it is on track to meet its medium-term goals, with production of its Valkyrie supercar scaling up.
Shares in the Warwick-based luxury carmaker were down 0.2% in London on Thursday morning at 1,748.50 pence each, reversing after having earlier risen as high as 1,890.00p.
In the first nine months of 2021, Aston Martin recorded a pretax loss of GBP188.6 million, sharply narrowed from GBP307.9 million a year before. In the third quarter, however, its loss widened to GBP97.9 million from GBP80.5 million a year before.
Revenue in the first nine months nearly tripled to GBP736.4 million from GBP270.0 million. In the third quarter, revenue almost doubled to GBP237.6 million from GBP124.0 million.
Executive Chair Lawrence Stroll said: "Through the first nine months of this year we have successfully built on the foundations we put in place for the company's success in 2020. Not only do we have low dealer inventory, but it is also healthy and fresh - a testament to our shift to ultra-luxury positioning."
Total wholesale volumes in the first nine months surged to 4,250 cars from 1,555. In the third quarter, it doubled to 1,349 from 660.
"The excitement around and demand for the brand are tremendous, with good visibility for sales, increased interest to be part of our journey from potential new dealers and fantastic demand for our limited run Specials," Stroll added.
He continued: "Our progress to date, the new products we are launching, the team we have assembled and the partnerships we have forged give me great confidence in our continued success on the path to achieve our medium-term objectives of GBP2 billion in revenue and GBP500 million of adjusted earnings before interest, taxes, depreciation and amortization."
Aston is also targeting about 10,000 wholesale volume sales by 2025. For 2021, Aston believes it is on target to hit 6,000 car sales.
Aston ended the quarter with net debt of GBP808.6 million, down from GBP868.5 million at the same point the year before.
"Trading year-to-date is in-line with our expectations and our guidance for 2021 remains unchanged. A significant proportion of expected FY adjusted Ebitda relates to the number of Aston Martin Valkyrie and AMR Pro vehicles due to be shipped in the fourth quarter," Aston said.
Chief Executive Tobias Moers added: "I am pleased with our performance to date, delivering strong results in-line with our plans to improve profitability. The shift to a demand-led, ultra-luxury operating model achieved earlier this year continues to support strong pricing dynamics with order cover through 2021 and extending into 2022."
By Paul McGowan; [email protected]
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