UK: Aston Martin says profitability to improve this year after tough 2022
Aston Martin, a London-listed luxury carmaker, said it expects profitability to improve this year and to turn free cash flow positive in the second half as it begins deliveries of its next-generation sports cars in the third quarter.
The company has forecasted wholesale volumes of about 7,000 units for 2023, slightly below average market expectations of 7,134, but its outlook for an adjusted core profit margin of about 20% came in ahead of analysts’ average view.
Shares in the company jumped 7% to their highest level since July last year.
Aston Martin, whose models were favored by fictional British spy James Bond, has struggled with supply chain issues and higher costs. Last year, it brought on former Ferrari NV boss Amedeo Felisa as its new CEO in a bid to emulate the Italian carmaker’s success.
The company is seeking to become sustainably free cash flow positive from 2024, helped by a capital raising last year, through which Saudi Arabia’s Public Investment Fund (PIF) became its second-largest shareholder.
Related Posts
Agboola advocates stronger cross-border infrastructure
Flutterwave CEO and Founder, Olugbenga “GB” Agboola , has called for accelerated investment in Africa’s cross-border payment infrastructure…
ByMunga increases stake in Equity Group by over $1.2m
Equity Group founder, Peter Munga, has made a strong return to the lender’s shareholder register, purchasing 3.64 million…
Nigerian Breweries gains N383bn revenue in Q1 2025
Nigerian Breweries Plc (NB) has posted a strong financial turnaround, recording a 69 per cent increase in net…
IHS Brazil expands Amazon coffee initiative
IHS Brazil has planted approximately 20,000 new seedlings across 10 hectares as part of its ongoing support for…
Gallery
