Aston Martin Lagonda Global Holdings PLC (LSE:AML) reported a substantial loss in the first half of the year but insisted it remains on track to meet its targets for the full year and the medium term.
The loss before tax soared to £285.4mln in the six months to 30 June 2022 from a £90.7mln loss in the comparative period last year, as the luxury sportscar maker was hit by supply chain challenges and foreign exchange revaluation.
First-half revenues increased 9% year-on-year, driven by record core average selling price and strong pricing dynamics throughout, the company said in its earnings release.
It reported "strong demand" across its portfolio, with G/T Sports sold out into 2023 and DBX orders more than 40% higher year-on-year.
But supply chain and logistics disruptions hit wholesale volumes, which dropped by 8% year-on-year to 2,676 units from 2,901, most notably impacting DBX deliveries in the second quarter, it said, adding that the impact of these problems are expected to unwind in the latter half of this year.
Lawrence Stroll, executive chairman, commented: "We have continued to make strong progress in our vision to become the world's most desirable, ultra-luxury British performance brand during the first six months of 2022, despite supply chain challenges in Q2.
“The underlying fundamentals of Aston Martin have never been stronger, with robust demand across our product range.”
The company's cash balance decreased to £156mln at end-june from £419m on 31 December 2021, while net debt jumped £1.26bn from £892m.
Its share price advanced 1.3% to 481.8p.