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Aston Martin Lagonda annual losses widen as sales slump; rebalancing nears completion
StockMarketWire.com
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Luxury carmaker Aston Martin Lagonda kept its guidance for 2021 unchanged after reporting wider annual losses as sales fell sharply owing to the pandemic impact and an ongoing plan to cut dealer inventory.
For the year ended 31 December, pre-tax losses widened to £119.6 million from £466 million, as revenue fell 38% to £611.8 million.
Retail sales fell 32% to 4,150 vehicles and wholesales fell 42% to 3,394 vehicles reflecting its action to reduce dealer stock levels and the Covid-19 impact, the company said.
The rebalancing process to match supply to demand was expected to be largely completed in Q1 2021.
For 2021, the first full year of the plan, the company said it expected to see the 'first steps towards improved profitability.'
The company kept its 2021 guidance unchanged, forecasting wholesales of about 6,000 and adjusted EBITDA in mid-teens, and weighed heavily to the H2.
Story provided by StockMarketWire.com
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