Aston Martin halves losses on record prices

28th Feb 2024 07:46

(Sharecast News) - UK luxury carmaker Aston Martin Lagonda more than halved annual losses last year, driven by higher prices for its high-end vehicles.

The company on Wednesday reported an adjusted pre-tax loss of £171.8m for the year to December 31, compared with £451m a year earlier and much smaller than the £209m expected from analysts in a company-compiled consensus.

"While recognising the ongoing geopolitical and macroeconomic volatility and associated inflationary and supply chain uncertainties, our world-class teams continue to collaborate with our partners, seeking to minimise potential impacts on our operations," the company said.

"The rich mix of sales, driven by our ongoing commitment to product innovation, supported growth in average selling prices to record levels."

"This, combined with our ongoing portfolio transformation, resulted in a significantly enhanced gross margin, remaining on track to achieve our longstanding target of around 40% gross margin in 2024."

Reporting by Frank Prenesti for Sharecast.com