Aston Martin predicts profits hike as 2017 sales soar to highest level in nine years
West Midlands-based luxury sports car manufacturer Aston Martin has hiked forecasts for profits this year as it saw sales soar 58 per cent in 2017.
James Bond's favourite carmaker sold more than 5,100 of its vehicles last year, its best performance since 2008. Its figures are in stark contrast to the wider UK car industry, which has seen its first drop in annual sales in six years.
It was boosted by sell-out demand for its DB11 model and special vehicles such as the Vanquish Zagato and Aston Martin Vantage GT8.
The group now expects to exceed its previous full-year guidance of adjusted pre-tax earnings of at least £180 million on revenues of more than £840 million.
Aston Martin chief executive Andy Palmer said: “We continue to perform ahead of expectations, both in terms of financial performance and in meeting our targets for the DB11 and special vehicles. This strong sales performance shows that our Second Century transformation plan is building momentum.
"Phase Two of the programme will be largely completed in 2018 with the introduction of the Vanquish replacement and production of the new Vantage, contributing to continued sustainable profitability at Aston Martin.”
In 2017, Aston Martin achieved its highest full-year sales volumes in nine years, driven by rising demand in North America, the UK and China. This sales performance comes amidst continued strong orders for the DB11, the Vanquish S and for special models that more than doubled year on year to 250 vehicles.
As part of the Second Century Plan, Aston Martin is expanding its UK manufacturing footprint. The company has resumed output of special vehicles, notably the DB4GT Continuation, at its Newport Pagnell facility for the first time since 2007. And construction work is continuing at the new St Athan facility in Wales, due for completion in 2019, ahead of production of the new DBX SUV.
Aston Martin will report 2017 full-year earnings in March.
Based in Gaydon, Aston Martin is a key source of work for engineering and manufacturing companies across the West Midlands.
Privately owned, the company now employs 2,800 people.
