Losses at Aston Martin have been slashed dramatically but the manufacturer remains in the red as it looks ahead to a new generation of electric vehicles.
In its full-year results for 2021, the listed sports car maker posted a pre-tax loss of £213.8 million, compared to a loss of £466 million the prior year.
The improvement came as revenue climbed from £611.8 million in 2020 to £1.09 billion last year which was due to substantial volume growth driven by customer demand, it said.
However, net debt rose for the period, from £727 million in 2020 to £892 million.
The company, which is headquartered in Gaydon in Warwickshire and has a major manufacturing base in St Athan in South Wales, said it enjoyed an 82 per cent climb in wholesale activity as "more normal operations were resumed" following the coronavirus pandemic restrictions in 2020.
Want more business news straight to your inbox?
BusinessLive is your home for business news from around the country - and you can stay in touch with all the latest news through our email alerts.
You can sign up to receive morning news bulletins from every region we cover and to weekly email bulletins covering key economic sectors from manufacturing to technology and enterprise. And we'll send out breaking news alerts for any stories we think you can't miss.
Visit our email preference centre to sign up to all the latest news from BusinessLive.
The marque's DBX luxury SUV achieved an estimated 20 per cent market share and its DBX707 was unveiled at the start of February with deliveries expected from the second quarter of this year.
Looking further ahead, Aston Martin expects its first plug-in hybrid electric vehicles to begin reaching customers in early 2024 while its first battery electric vehicle is on course for a 2025 launch.
Most Read
Executive chairman Lawrence Stroll said: "My second year as executive chairman of this iconic and great company has been another of significant progress.
"We have successfully transitioned our operating model to that of an ultra-luxury performance brand, with customer demand well ahead of supply. Our core business is strong and delivered to plan, with substantially improved profitability.
"We have strengthened our teams, adding more luxury and automotive experience to the board, broadening relevant experience at the executive level and substantially bolstering our operational and development teams.
"We have a strong pipeline of extraordinary products to come with both DBX707 and V12 Vantage this year and a new generation of front-engine cars for 2023.
"This high-performance new portfolio will command stronger pricing and profitability compared with the past, driving delivery of our financial targets."