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UPDATE 1-Aston Martin posts smaller loss as sales more than double

Thu, 6th May 2021 07:36

(Adds background, quotes, details)

LONDON, May 6 (Reuters) - Carmaker Aston Martin
posted a smaller first quarter loss in 2021 of 42.2 million
pounds ($59 million) and said it continued to take steps towards
profitability, as its sales to dealers more than doubled.

That loss compared with the 110.1 million pounds the luxury
brand posted in the same period last year, when it brought in
fresh investment from billionaire Executive Chairman Lawrence
Stroll to shore up its finances.

The carmaker of choice for fictional secret agent James Bond
has had a tough time since floating in 2018, as it failed to
meet expectations and burnt through cash.

The arrival of its first sport utility vehicle, the DBX,
which fist rolled off the production line in July 2020, has
helped boost the company as it widens its appeal in a lucrative
segment of the market.

In the first quarter of 2021, total sales to dealers more
than doubled to 1,353 vehicles and the firm said it was
maintaining its full-year guidance that volumes will stand at
around 6,000 vehicles.

"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," said CEO Tobias Moers.

"We are encouraged by the growth in orders for both GT/Sport
and DBX, providing good visibility."

($1 = 0.7191 pounds)
(Reporting by Costas Pitas; Editing by Alistair Smout and Sarah
Young)

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