Aston Martin Lagonda Global Holdings PLC (LSE:AML) shares raced 22% higher on Monday morning building on last week’s impressive gains, boosted by a strong performance at the Bahrain Grand Prix yesterday.
Although the luxury car maker didn’t outdo expectations when it reported last Wednesday, posting revenues of £1.38bn, up 26%, and a 38% growth in underlying profits to £190.2mln for the year, its shares accelerated and now sit 90% higher so far in 2023.
Monday’s hike then came after Aston Martin secured third and sixth place at 2023’s maiden Formula One Grand Prix in Bahrain on Sunday.
In London, Aston Martin shares moved as much as 22.5% in Monday's early deals to trade at 294p.
Looking ahead, City Index analyst Joshua Warner commented Aston Martin’s “outlook is improving,” given an inflation-driven hike in prices, making “2023 a key bridge year toward its goal to deliver £2bn of annual revenue” by 2024.