Accelerating sales drive Aston Martin into profit
Accelerating sales have driven Aston Martin to some of its best financial figures in a decade, on the back of the successful launch of its new flagship DB11.
Revenues in the first quarter of this year have doubled to £188.3 million, matching a 100% surge in sales. As a result, Aston Martin has turned in a pre-tax profit for the first time in 10 years, racking up £5.9m over the three months. Last year it made a Q1 loss of £29.7m
The Gaydon-based sports car maker says it has been gaining a bigger share of the market in both the Uk and China as its major investment plan sees a string of new models coming down the track as well as the start of production at its new factory at St Athan, in South Wales.
CEO Andy Palmer said: “The group has made a strong start to the year. We are delivering on our ‘Second Century’ transformation program and building sustainable profitability. Forthcoming models including the new Vantage and Vanquish will expand on our recent growth, underpinned by the financial resources and operational discipline of a true British success story in luxury car production.”
Aston Martin has now hiked its full year forecasts, predicting revenues of more than £800, this year with earnings around £170m. Car sales are expected to rise more than 30% on last year's 3,687,
