Aston Martin has significantly reduced its pre-tax loss by 90% in the latest financial quarter, buoyed by an increase in wholesale volumes.
The company, headquartered in Warwickshire with a second factory operation at St Athan in South Wales, reported a pre-tax loss of £12.2m for the third quarter, a substantial decrease from the £117.6m loss recorded in the corresponding period of 2022, as reported by .
According to recent figures released to the London Stock Exchange, Aston Martin's revenue saw an 8% rise to £391.6m during the same timeframe.
The firm acknowledged it has faced challenges such as supply chain disruptions and a softening of the market in China.
For the quarter ending 30 September, the luxury car manufacturer's wholesale volumes reached 1,641 units, marking a 14% year-on-year increase.
Despite this quarterly upturn, total wholesale volumes for the year-to-date have fallen by 17% compared to 2023, with a current figure of 3,639 units.
Aston Martin updates guidance after taking ‘necessary action’
Adrian Hallmark, the Chief Executive Officer who took the helm at Aston Martin in September, commented: "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."
He added: "We recently launched Vanquish, successfully completing the most diverse, dynamic and desirable portfolio in the luxury segment."
Mr Hallmark also highlighted the positive reception of their V12 flagship model by the media, stating: "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."
