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Aston Martin Lagonda slashes losses as price hike, customer demand boost revenue
StockMarketWire.com
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Luxury car maker Aston Martin Lagonda slashed its annual losses after revenue was supported by customer demand and price hikes.
For the year ended 31 December 2021, pre-tax losses narrowed by 54% to £213 million year-on-year as revenue increased 79% to £1.10 billion year-on-year.
Revenue growth was 'largely due to substantial volume growth, driven by customer demand, and strong pricing dynamics,' the company said.
Wholesales increased 82% as 'more normal operations were resumed following COVID-19 restrictions in 2020 and completed rebalance of dealer inventory in Q1,' it added.
Looking ahead, the company forecast wholesales to grow to 6,600 units in 2022, and adjusted earnings before interest, taxes, depreciation, and amortisation, or EBITDA, margin to grow between 350 and 450 basis points.
'For 2022, we expect to deliver significant growth with a c.8% increase in core volumes expected to deliver a c.50% improvement in adjusted EBITDA from the core business,' the company said.
'We will deliver the first two vehicles from the new management team, DBX707 and the V12 Vantage, with improved profitability compared with prior models as well as price adjustments across the full portfolio, given the pricing power of the brand.'
'In addition, 75-90 Aston Martin Valkyrie programme vehicles are planned for shipment.' Story provided by StockMarketWire.com
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