Aston Martin Lagonda Global Holdings PLC (LSE:AML) reported a mixed set of financial results for 2024, where a stronger second half saw it generate a rarely seen positive cash flow in the final quarter, but still report an overall loss and larger debt pile.
For the past year, wholesale volumes fell 9% to 6,030, impacted by supply chain disruptions and weaker demand in China, however, volumes rose 8% in the fourth quarter, reflecting deliveries of a new core product range.
Full-year revenue declined 3% to £1.58 billion, helped by a 6% rise in the average selling price to £245,000, driven by higher sales of Specials such as the Valhalla.
Adjusted EBITDA dropped 11% to £271 million, and the company reported an operating loss of £100 million compared to a £111 million loss the year before.
Net debt mushroomed to £1.16 billion from £814 million the previous year, reflecting financing activities and foreign exchange effects. Liquidity at year-end stood at £514 million.
New chief executive Adrian Hallmark, who took over as CEO in September, said the period of intense product launches that had dragged on sales volumes was over, and the company's focus now "shifts to operational execution and delivering financial sustainability".
He said 2025 is expected to see "materially improved financial performance", with positive underlying profits (adjusted EBITDA) for the full year and free cash flow in the second half of 2025, boosted by the launch of the Valhalla, its first mid-engine plug-in hybrid.