British sports car maker Aston Martin Lagonda reduced its pre-tax loss by 18% in the first quarter and increased revenue by 16%.
According to a company press release, the pre-tax loss in the January-March period was 65.5 million pounds ($88.5 million), compared to 79.6 million pounds in the same period last year. The operating loss narrowed to 8.9 million pounds from 67.3 million pounds.
Adjusted EBIT was negative at minus £56.9m compared to minus £64.5m a year earlier.
Revenue rose to £270.4m from £233.9m.
Wholesale deliveries last quarter were down 1 per cent to 939,000 vehicles. In particular in the UK they fell 26 per cent, in Asia by 5 per cent, while the US market recorded an 11 per cent increase.
The company also announced that it has entered into an agreement with a consortium of investors led by Canadian billionaire Lawrence Stroll and will receive financial assistance in the amount of 50 million pounds.
Aston Martin reiterated its 2026 forecast that wholesale deliveries will remain around last year’s level (5.45k Cars).
Aston Martin’s share price is up 3.4% during trading on Wednesday. The carmaker’s capitalisation over the past three months fell by 33% (to 404 million pounds), while the FTSE 100 stock index added 1%.
Aston Martin was founded in 1913. Between 1994 and 2007. It was owned by Ford. Now the carmaker is owned by a consortium of investors, including Stroll (33%). Aston Martin became famous, in particular, due to the participation of its cars in James Bond films.