Aston Martin Lagonda Global Holdings PLC (LSE:AML) penned stronger profit, revenue and reduced debt in the three months to March, as higher prices and volumes helped the luxury car maker meet expectations.
First-quarter gross profit rose 21% to £102mln and underlying profit (adjusted EBITDA) grew by 24% year-on-year to £30mln, while revenue was up 27% to £296mln, boosted by higher average selling prices and strong volumes of the Aston Martin DBX, the company said in a statement.
Pre-tax losses shrank by 34% to £74.2mln, alongside a 9% reduction in net debt to £868mln, though adjusted operating losses climbed 39% to £47.8mln.
“The transition of our portfolio, led by the DBX707, is accelerating, with the first of the next generation of sports cars coming off the production line in Gaydon ahead of its unveiling later this month,” chief executive Amedeo Felisa commented.
“We remain on track to deliver a number of thrilling new Specials in the second half of the year.”
The car maker said 95% of its GT and Sports models are sold out for 2023, while its DBX order book also stretches to the end of the third quarter.
Looking ahead, Aston Martin left full-year expectations unchanged, saying a targeted 10,000 wholesales were still in sight for 2023, while medium-term goals of £2bn in revenue and £500mln in adjusted EBITDA for 2024/25 were also repeated.
Commenting on the “new generation” of cars set to be showcased later this month, executive chairman Lawrence Stroll dubbed 2023 “one of the most exciting years in Aston Martin’s history”.