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(Alliance News) - Aston Martin Lagonda Global Holdings PLC on Wednesday said strong demand across its portfolio drove revenue growth in the first quarter of 2023, while its loss also narrowed.
In a trading update, the Gaydon, England-based luxury carmaker said revenue for the three months that ended March 31 rose by 27% to GBP295.9 million from GBP232.7 million a year earlier. This was mainly driven by strong DBX car deliveries at an average selling price of GBP180,000 in the first quarter of 2023, up 19% from GBP151,000 in 2021.
Pretax loss for the quarter narrowed to GBP74 million from GBP111.6 million a year earlier. This partly attributed to lower net financing charges, of GBP23.3 million from GBP63.9 million in 2021, the company said.
Around 95% of its current range of current sports car range has been sold as strong demand continues across its portfolio, Aston Martin added.
Aston Martin said its expectations for 2023 remain unchanged, anticipating "significant" growth in profit and a rise of up to 20% in adjusted earnings before interest, taxes, depreciation and amortisation.
Chief Executive Officer Amadeo Felisa said: "We have also further strengthened our organisation, promoting internal talent and hiring new leaders to enhance our execution capabilities, focus our investments in areas that will continue to differentiate the Aston Martin driving experience, and deliver on our goals."
Shares were down 2.6% at 217.44 pence each in London on Monday morning.
By Sabrina Penty; Alliance News reporter
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