Record first-half profits for Aston Martin

Posted on 12 Sep 2017 and read 355 times
Record first-half profits for Aston MartinAston Martin Holdings (UK) Ltd (www.astonmartin.com) has reported sharply improved first-half and second-quarter financial results amid rising global demand for its hand-crafted sports cars.

For the six months to 30 June, the company reported pre-tax profits of £21.1 million (reversing a loss of £82.3 million in the same period of 2016) on revenues that increased to £410.4 million from £211.8 million in the first half of last year.

In the second quarter, pre-tax profits reached £15.2 million on revenues of £222.0 million, compared with a pre-tax loss of £52.6 million on revenues of £119.2 million for the same period in 2016.

Andy Palmer, Aston Martin president and CEO, said: “Aston Martin is accelerating financially with its third successive quarter of pre-tax profit.

“Our improving performance reflects rising demand for the new DB11 model, as well as for special-edition vehicles and the on-going benefits from our Second Century transformation plan.”

For the first half-year, global wholesale volumes rose by 67% to 2,439 vehicles, as orders continued to rise in the UK, mainland Europe, the Americas and China.

The average selling price per model (excluding special editions) increased by 25% to £149,000 — principally driven by the DB11 and a higher option-take rate across the range.

As the company expands, conversion work is well under way on Aston Martin’s new manufacturing facility in St Athan, Wales, where assembly of the upcoming DBX SUV model is due to start in 2019, supporting up to 750 new jobs in Wales.

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