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(Sharecast News) - Aston Martin reported a narrowing of its first-quarter losses on Thursday as revenues surged and the luxury car maker backed its full-year guidance.
In the three months to the end of March 2021, the company's loss before tax narrowed to £42.2m from £110.1m in the same period a year ago, with revenues up 153% to £224.4m. Aston Martin attributed the jump in revenue to wholesale growth and stronger pricing dynamics as dealer GT/Sport stock reduced as planned.
Total wholesales also more than doubled, rising 134% to 1,353 units, and included one Special compared with no Specials in the first quarter of 2020, with sports utility vehicle DBX representing 55% of the mix.
Aston Martin said China and the Americas were the strongest markets. In the UK, meanwhile, the Covid-related lockdown "significantly" disrupted dealer operations, but the market still delivered 19% growth year-on-year.
Chief executive officer Tobias Moers said: "I am pleased with our performance in the first three months of the year, delivering results in-line with our expectations of good growth and progress on the path to improved profitability and cash generation.
"Dealer inventory for GT/Sport is now at our ideal levels, earlier than originally planned and supporting stronger pricing dynamics. We are encouraged by the growth in orders for both GT/Sport and DBX, providing good visibility."
With first-quarter trading in line with its expectations, the company reiterated its expectations and guidance for 2021.
14 Jun 2023 12:17
LONDON MARKET MIDDAY: FTSE 100 up; Vodafone unveils UK mobile merger
(Alliance News) - The FTSE 100 index was higher at midday in London on Wednesday, buoyed by market confidence that the US Federal Reserve will hold interest rates steady later in the day, as well as a major merger announcement from telecommunications firm Vodafone.
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