The Aston Martin Lagonda Global Holdings PLC (LON: AML) share price edged 2.44% lower after releasing its financial results for Q1 2023. The company’s revenues surged 27% annually to £296 million, while the company sold 1,269 wholesale units, marking a 9% improvement to the 1,168 units sold in Q1 2022.
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The ultra-luxury British car manufacturer also revealed strong demand for all its vehicles, as evidenced by the fact that 95% of its current range of GT/Sports cars sold out for 2023 ahead of multiple launches. The DBX order book is also sold out up to Q3 2023, with the DBX707 accounting for over 70% of DBX orders.
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Aston Martin also revealed that its Average Selling Price (ASP) for Q1 2023 had risen 19% to £180,000 from the £151,000 ASP recorded in Q1 2022. The company also managed to deliver more of its Aston Martin Valkyrie vehicles, with 18 deliveries in Q1 2023 compared to 14 deliveries in Q1 2022.
As a result, the ultra-luxury carmaker’s profit surged 21% to £102 million compared to the £84 million profit recorded in Q1 2022. However, its gross margins fell to 34% from 36% in Q1 2022. Furthermore, the company still incurred an operating loss of £51 million, driven by a £19 million increase in depreciation and amortisation costs.
Aston Martin’s loss before tax was £74 million, significantly improving from last year’s £102 million loss. The firm recorded a free cash outflow of £118 million, marking a surge from the £25m outflow recorded in Q1 2022.
The company launched a full-year celebration of Aston Martin’s 110th anniversary on 15th January 2023, culminating in the launch of a highly exclusive, limited-edition special model later in the year.
Lawrence Stroll, Aston Martin Lagonda’s Executive Chairman, commented: “2023 is set to be one of the most exciting years in Aston Martin's history. In addition to celebrating our 110th anniversary and our exciting line-up of Specials, it will also see the start of our next generation of sports cars, which will truly reposition Aston Martin as an ultra-luxury performance brand and enhance our growth.”
*This is not investment advice.
Aston Martin share price.
The Aston Martin share price edged 2.44% lower to trade at 216.28p, from Tuesday’s closing price of 221.70p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.