Aston Martin slashed its pre-tax loss by 90 per cent during its latest financial period after being boosted by a rise in its wholesale volumes.
The Warwickshire-headquartered luxury car maker has reported a pre-tax loss of £12.2m for its third quarter, down from the £117.6m loss it posted during the same three-month period in 2022.
New figures filed with the London Stock Exchange also show that Aston Martin’s revenue increased by eight per cent to £391.6m over the same period.
In a statement, the company said that it has been battling supply chain disruption and weakness in the key Chinese market.
Wholesale volumes for the carmaker were 1,641 for the period ending September 30, up 14 per cent year-on-year.
However, total wholesale volumes for the year-to-date are 17 per cent down on 2023, standing at 3,639.
Aston Martin updates guidance after taking ‘necessary action’
Chief executive Adrian Hallmark said: “Having only joined Aston Martin in September, I can already clearly see growth opportunities for the company as we bring incredible products to market and deliver on our vision to be the world’s most desirable, ultra-luxury British performance brand.
“We recently launched Vanquish, successfully completing the most diverse, dynamic and desirable portfolio in the luxury segment.
“Recent media reviews of our V12 flagship highlights the strength of Aston Martin’s products, which now truly align with our ultra-luxury high performance strategy.
“Long-term value creation and sustainable growth are key priorities as we look forward to Q4 2024 and beyond.
“We will deliver our fully reinvigorated portfolio to market efficiently and maximise the considerable commercial potential, including greater personalisation opportunities, to further strengthen the order book.
“In addition, we will drive profitability through a forensic approach to cost management and unrelenting focus on quality with a more balanced delivery profile in the future for our full range of new core models.
“Improved financial and operational performance in Q3 2024, demonstrates our strategy’s effectiveness.
“We are on track to meet our revised full year 2024 guidance, which reflects the necessary action taken in September to adjust our production volumes given supplier disruption, which we are proactively managing, and the weak macroeconomic environment in China.”