Aston Martin Lagonda Global Holdings PLC (LSE:AML) said it delivered more than 1,500 of its new DBX SUVs as demand rebounded in the six months to June 2021.
The luxury car group also reiterated it is on track for £2bn a year revenues by 2024, when it expects to be making annual underlying profits [EBITDA] of £500mln.
Underlying profits in the latest six months were £48.8mln compared to an £89mln loss a year ago, with the pre-tax deficit reduced to £90.7mln from £227mln.
Revenues over the half-year jumped by 252% jumped to £499mln, helped by the sales of the DBX and also GT/Sports models.
Lawrence Stroll, executive chairman, said:” Building on the success of DBX, our first SUV, we have since delivered two more new vehicles and with more exciting product launches to come we are well-positioned for growth.
“The launch of Valhalla last week signals a new era for Specials at Aston Martin as an integral pillar of our brand and our product innovation.”
“With H1 trading in-line with our expectations and good forward visibility for both GT/Sport and DBX, our expectations and guidance for 2021 remain substantially unchanged.”
Laura Hoy, an equity analyst at Hargreaves Lansdown, added: “After what can only be described as a car-crash stock market debut in 2018, it seems Aston Martin has turned a corner.
“The group’s on track to deliver on its full-year target to sell 6,000 vehicles. With dealer supply chains now rebalanced, the average selling price is starting to creep upward and more profitable Specials sales are on the rise. The group’s Project Horizon cost savings programme is also starting to bear fruit.
“We’re encouraged by the partnership with Mercedes to bring EVs to market. Longer-term, the group aims to sell 10,000 cars annually, a 67% increase from what’s expected this year. EVs will have to make up a sizable chunk of that figure.”