The FTSE 250 firm reported a pre-tax loss for the three months to 30 September of £13.5mln, swinging from a £.3.1mln profit a year ago, while revenues dropped 11% to £250mln from £282.4mln.
Andy Palmer, Aston’s chief executive, said despite the difficult trading environment, retail sales had increased 13% in the year-to-date, although wholesale volumes remained “under pressure”, having fallen 3% to £3.9bn over the same period.
The decline in wholesale volumes was blamed on the declining popularity of Aston’s Vantage model, although Palmer said the firm was pleased with the performance of its DB11 and DBS Superleggera models.
Looking ahead, the company said it still expected to meet market expectations for the full year despite “lower volumes and continuing macro uncertainties”, although total wholesales will now be lower than previous guidance.
The group also said it was taking actions to control costs through an efficiency programme.
The gloomy results are the latest episode in a torrid year following Aston’s float on the LSE last October, which so far has seen its share price plunge 78% from its float price of 1,900p.
Investors, however, seemed to greet the figures with a shrug, as the stock was only 0.1% higher at 418p in late-morning trading on Thursday.
DBX launch key going forward, says analyst
AJ Bell’s investment director Russ Mould said that with Thursday’s numbers proving “no picnic” for investors, “much will now hinge” on the company’s new SUV, the DBX, which is scheduled to launch later this month.
“Given the position it is in, Aston Martin cannot afford it to fail. There will clearly be a lot of focus on the [DBX] launch on 20 November and what can be gleaned when sales begin in the second quarter of next year. Keeping the firm on the road until then will be a challenge for management even if they claim to be prepared for any Brexit disruption in the interim”, Mould said.