Home Business NewsBusinessAutomotive News Aston Martin James Bond’s preferred car swings into loss

Aston Martin James Bond’s preferred car swings into loss

by LLB Reporter
15th May 19 2:26 pm

Luxury car manufacturer Aston Martin Lagonda has sold less higher prices “special” cars, and has swung into a loss during the first three months of the year.

The preferred car maker of James Bond 007 reported a £17.3m pre-tax loss in the first quarter of 2019, compared with £2.8m the previous year.

The car maker said costs last year over their initial public offering (IPO) on the London Stock Exchange cost £136m, this weighed on the company’s bottom line.

Strong growth in North America and Asia helped pump the total revenue by 6% to £196m.

Wholesale units sold in the UK slid by 9% and sales in Europe were also down by 4%.

Andy Palmer, president and chief executive officer said, “Despite declining total industry volumes, Aston Martin Lagonda has delivered a sales increase that reaffirms its position as a luxury marque that offers some resilience to these wider automotive trends.

“We remain conscious of the challenging external environment in certain of our markets and we have taken this into account in our planning whilst ensuring we do not compromise on delivery.”

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