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Aston Martin Lagonda narrows losses in Q1 as sales jump
StockMarketWire.com
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Luxury carmaker Aston Martin Lagonda reported narrower losses in the first quarter of the year as a surge in wholesale volumes and higher prices boosted revenue.
For the first quarter, pre-tax losses narrowed to £42.2 million from £110.1 million year-on-year as revenue rose 153% to £224.4 million.
The rise in revenue was driven by 'wholesale growth and stronger pricing dynamics as dealer GT/Sport stock reduced as planned,' the company said.
Wholesales volumes were up 134% to 1,353 to meet demand, with DBX representing 55% of units.
The cash position was improved to £575 million from £489 million seen at the December end.
Looking ahead, the company said it had good forward visibility for both GT/Sport and DBX, and left its expectations and guidance for 2021, unchanged.
Story provided by StockMarketWire.com
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