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(Alliance News) - Aston Martin Lagonda Global Holdings PLC on Wednesday said its pretax loss narrowed in the first half of 2021 as sales revenue soared.
Shares in Aston Martin Lagonda were trading up 2.0% at 1,920.00 pence each in London on Wednesday morning.
The Warwickshire, England-based luxury car maker reported a narrowed pretax loss of GBP90.7 million for the six months ended June 30 from GBP227.4 million a year before.
Revenue more than tripled year-on-year to GBP498.8 million from GBP146.0 million.
Net debt rose slightly to GBP791.5 million on June 30, up 8.9% from GBP726.7 million at the end of 2020.
FTSE 250-listed Aston Martin said total wholesale volume in the recent six months was 2,901 vehicles, up from just 895 a year ago.
The company said it expects 6,000 wholesales in the full year, with an adjusted earnings before interest, tax, depreciation and amortisation margin in the mid-teens percent.
"Building on the success of DBX, our first SUV, we have since delivered two more new vehicles and with more exciting product launches to come we are well positioned for growth," said Executive Chair Lawrence Stroll.
Aston Martin said its full-year guidance for 2021 remains unchanged except for the GBP15 million impact of legal action against Swiss dealer network member, Nebula Project.
Capital expenditure and research and development costs are expected to fall between GBP250 million and GBP275 million for the full year, the company said.
Interest costs are expected to fall around GBP120 million in cash.
Aston Martin raised its depreciation and amortisation costs outlook slightly to between GBP255 million and GBP265 million, from GBP240 million to GBP250 million guided previously.
By Scarlett Butler; scarlettbutler@alliancenews.com
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