Home Business News Aston Martin considering IPO after record profit since 2010

Aston Martin considering IPO after record profit since 2010

by LLB Reporter
27th Feb 18 1:20 pm

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British luxury carmaker Aston Martin is considering an initial public offering after it delivered its first annual pre-tax profit since 2010.

The group — based in Gaydon, Warwickshire — has announced that it is considering “a range of strategic options for the future of the group, including the potential for an IPO” after swinging to a pre-tax profit of £87m ($122m) last year, overturning a £163m loss in 2016.

The UK and the US are its two biggest markets, with sales of 1,500 and 1,300 units respectively.

According to the Financial Times, if Aston Martin lists this year, the move will cement a recovery that has seen the former Ford division unwind years of losses and build a plan to replace its vehicles on a seven-year cycle.

“The turnround is done”, said chief executive Andy Palmer, adding: “Now it’s all about growth.”

Palmer is former Nissan executive who became boss at the British carmaker in 2014. Ever since then, Palmer has pursued a turnaround plan designed to boost its model line-up, quadruple volumes and produce its first SUV at a new plant in Wales.

Palmer also told Reuters the DB11 sports car and a series of special vehicles helped to drive profitability last year with a series of new models set to push the firm “significantly” above 5,000 units in 2018.

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