The Aston Martin Lagonda Global Holdings PLC (LON: AML) share price rose 6.22% after its Q2 and H1 2023 financial results were released. The company noted that its Q2 performance was ahead of expectations and reiterated its full-year guidance for 2023.
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The manufacturer of ultra-luxury cars noted that its H1 revenues were better than expected, improving by 25% to £677.4 million, compared to last year’s £541.7 million. The company's gross profits rose 26% to £236.3 million from £188.1 million in H1 2022.
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Aston Martin’s adjusted pretax profits were recorded at £80.6 million, marking a 36% improvement from last year’s £58.6 million. However, the company still reported an operating loss of £93.2 million versus 2022’s £89.9 million. The loss was driven by a £36m year-on-year increase in depreciation and amortisation.
The ultra-luxury car manufacturer noted that its average selling price (ASP) for its vehicles in H1 2023 improved by 14% to £212k from last year’s £186k. The ASP improvement for Q2 was 12% as selling prices rose from 2022’s £190k to £212k.
Some of the company’s operational highlights included the launch of Valour, a spectacular, ultra-exclusive V12-engined, manual transmission special edition, limited to 110 units, which is sold out and has a growing waiting list.
Aston Martin unveiled the DBS 770 Ultimate, the most powerful production Aston Martin ever, in January 2023, with all 499 examples sold out. The company will start delivering the vehicles in Q3 2023.
The Aston Martin DB12, the world's first Super Tourer, was launched on 24 May 2023 to much global attention.
Lawrence Stroll, Aston Martin’s Executive Chairman, commented: “Although we may only be halfway through the year, 2023 has already proven to be a remarkable year in which Aston Martin has shone brighter than ever. In May, we launched DB12, marking the start of our new generation of front-engine sports cars that will further reposition Aston Martin as an ultra-luxury, high-performance brand with timeless design combined with the latest technology and the most thrilling driving experience. Billed as the world's first Super Tourer, DB12 is a unique model that elevates itself beyond the GT segment, creating a new category of one.”
*This is not investment advice.
Aston Martin (AML) share price.
The Aston Martin (AML) share price rose 6.22% to trade at 364.13p, from Tuesday’s closing price of 342.80p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.