Revenue Estimates for Aston Martin Revised Upward

Aston Martin has announced that it has bumped up its revenue forecasts for the second time this year following a record six months of profits.

Aston Martin Revises Revenue Estimates Upward

The renowned British carmaker today announced a pre-tax profit of £21.1m for the six months to 30 June. During the same period last year, the firm suffered e a loss of £82.3m.

Demand for its high-end cars jumped 67 per cent to 2,439 vehicles, and the average price for its core set of vehicles rose 25 per cent to £149,000. Revenues nearly doubled to £410.1m

In May, Aston Martin announced a first-quarter profit for the first time in a decade. The car firm made a pre-tax profit of £5.9m, recovering from a loss of £29.7m the year before. Revenue more than doubled to £188.3m. The company has declared bankruptcy more than seven times since it was established, but its sales over the past year have been helped by the launch of the DB11 model.

Andy Palmer, chief executive and president of Aston Martin, said:

Aston Martin is accelerating financially with our third successive quarter of pre-tax profit. Our improving performance reflects rising demand for our new DB11 model, as well as for special edition vehicles and the ongoing benefits from our ‘Second Century’ transformation plan.

During the second quarter, Aston Martin continued its product offensive with the launch of the 4.0-litre twin-turbo V8 variant of the DB11, which combines a top speed of 187 mph with the most fuel efficient powertrain on offer by the company. It also announced plans for its first all-electric, zero-emission model: the limited-edition RapidE set to begin production in 2019.

Demand for the DB11 and continued strong sales of the V12-powered Vanquish S and Vantage S models coincided with sell-out success for special-edition vehicles such as the Vanquish Zagato Coupe and continued development work on the Aston Martin Valkyrie hypercar in conjunction with Red Bull Advanced Technologies.

As the company expands, conversion work is well underway on the new state-of-the-art manufacturing facility in St Athan, where assembly of the upcoming DBX SUV model is due to start in 2019, supporting up to 750 new jobs in South Wales.

Mark Wilson, Executive Vice-President, and Chief Financial Officer:

The strength of our first-half results prove that our strategy is on track. We exceeded our budget for the tenth consecutive quarter, giving us confidence that we will deliver a step-change in full-year performance. We are increasing our baseline guidance for underlying earnings of £175m on revenues of £830m in 2017.

Note: Press release courtesy of Aston Martin.