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Aston Martin posts smaller loss as sales more than double

Stock MarketsMay 06, 2021 02:46AM ET
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© Reuters. FILE PHOTO: An Aston Martin logo is pictured at the company's factory in Saint Athan, Wales, Britain December 6, 2019. REUTERS/Rebecca Naden

LONDON (Reuters) -Carmaker Aston Martin posted a smaller first quarter loss in 2021 of 42.2 million pounds ($59 million) and said it continued to take steps towards profitability, as its sales to dealers more than doubled.

That compared with the 110.1 million pound loss the luxury brand posted in the same period last year, when it brought in fresh investment from billionaire Executive Chairman Lawrence Stroll to shore up its finances.

The carmaker of choice for fictional secret agent James Bond has had a tough time since floating in 2018, as it failed to meet expectations and burnt through cash.

The arrival of its first sport utility vehicle, the DBX, which fist rolled off the production line in July 2020, has helped boost the company as it widens its appeal in a lucrative segment of the market.

In the first quarter of 2021, total sales to dealers more than doubled to 1,353 vehicles and the firm said it was maintaining its full-year guidance that volumes will stand at around 6,000 vehicles.

It hopes to reach around 10,000 cars and revenue of roughly 2 billion pounds by 2024/25.

"I am pleased with our performance in the first three months of the year, delivering results in-line with our expectations of good growth and progress on the path to improved profitability and cash generation," said CEO Tobias Moers.

"We are encouraged by the growth in orders for both GT/Sport and DBX, providing good visibility."

($1 = 0.7191 pounds)

Aston Martin posts smaller loss as sales more than double
 

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