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(Sharecast News) - Luxury car maker Aston Martin Lagonda said on Thursday that it swung to a third-quarter loss amid "tough" trading conditions but that it still expects to meet market expectations for the year.
The company swung to a pre-tax loss of £13.5m in the third quarter from a profit of £3.1m in the same period year ago as revenue fell 11% to £250.1m and total wholesale volumes declined 16% to 1,497 cars.
President and chief executive officer Andy Palmer said: "Tough trading conditions, particularly in the UK and Europe, persist and whilst retail sales have grown 13% year-to-date, wholesale volumes remain under pressure.
"We remain pleased with the performance of DB11 and DBS Superleggera, however, the segment of the market in which Vantage competes is declining, and notwithstanding a growing market-share, Vantage demand remains weaker than our original plans. As a consequence, total wholesale volumes are down year-on-year as we balance growth, brand positioning and dealer inventories. Additionally, we are taking actions to control our costs through an efficiency programme."
The company said pressure on volumes was expected to continue into the year end and that total wholesale volumes are set to be lower than previously guided, but within the range of market expectations.
Despite lower volumes and continuing macro uncertainties, the group, which said it is taking action on costs, still expects to meet market expectations for the full year.
Aston Martin also said on Thursday that four of its cars will feature in the next James Bond film, which is due for release in the first half of next year.
30 May 2023 09:20
IN BRIEF: Aston Martin chair and director sell 37.3 million shares
Aston Martin Lagonda Global Holdings PLC - Gaydon, England-based luxury car manufacturer - Says Executive Chair Lawrence Stroll sold 34.9 million shares at GBP3.35 per share via British Virgin Islands-incorporated Yew Tree Overseas Ltd for GBP117.0 million total on Thursday. Non-executive Director Michael de Picciotto meanwhile sold 2.3 million shares at the same price via Switzerland-incorporated Saint James Invest SA for GBP7.8 million total on Thursday. 37.3 million shares were sold in total.
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