Aston Martin DB11 on display at the 2018 Turin Motor Show.
Stefano Guidi | Rocket of Light | Getty Images
London – luxury car manufacturer Aston Martin It reported on Wednesday that first-quarter losses widened as the company halted production of its core models ahead of launching a new range of vehicles later this year.
Adjusted pre-tax losses almost doubled to 110.5 million pounds ($137.8 million), compared with a loss of 57.3 million pounds the previous year. According to Reuters, analysts had expected a loss of 93 million pounds in the first quarter.
Revenue fell 10% to £267.7m, while net debt increased 20% to £1.04bn. The company’s huge debt has been a long-standing concern among investors, causing Aston Martin’s share price to fall sharply since it went public in 2018.
Aston Martin said on Wednesday that four new models due for delivery in 2024 will drive “significant growth” in the second half of the year and beyond.
“Our first quarter results reflect this expected transition period as we halt production and production of our upcoming core models ahead of increased production of the new Vantage, upgraded DBX707 and the upcoming V12 flagship sports car we confirmed today. deliver.
Stroll added that the company took a “significant step” in strengthening its balance sheet during the quarter, completing a refinancing following a credit rating upgrade and improving terms on its five-year senior secured notes.
Aston Martin is preparing to welcome new chief executive Adrian Hallmark, the current leader of Bentley, in the autumn. Hallmark will be the company’s third new CEO since 2020.
This is a breaking news story and will be updated soon.
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