Latest News

Aston Martin made a first-quarter profit for the first time in a decade

Thursday 25 May 2017, By Autovolo

Aston Martin made a first-quarter profit for the first time in a decade

Aston Martin made a first-quarter profit for the first time in a decade

Aston Martin has reported record first-quarter profits thanks to strong order numbers for its new DB11 sports car.

Pre-tax profits were recorded at £5.9 million for the British luxury car maker – a huge improvement over last year when it lost £29.7m in the same period.

The company also said that its retail sales were up by 100 per cent.

Dr Andy Palmer, Aston Martin president and chief executive officer, said: “The group has made a strong start to the year. We are delivering on our ‘Second Century’ transformation program and building sustainable profitability.

“Forthcoming models including the new Vantage and Vanquish will expand on our recent growth, underpinned by the financial resources and operational discipline of a true British success story in luxury car production.”

Improved sales in both the UK and Europe contributed heavily to the rise in earnings, with wholesale volumes up 75 per cent to 1,203 units year-on-year.

Mark Wilson, executive vice president and chief financial officer, said: “As our operational performance improves, we now have a solid financial platform on which to continue to grow.”

The British-based car manufacturer believes revenues should rise to more than £800m in 2017, with annual wholesale volumes expected to go up by more than 30 per cent compared to 2016.