Aston Martin In The Black Again.
Sales For 2017 Should Jump Almost A Third.
Aston Martin made money in the first half of 2017 for the first time in almost 10 years, thanks in part to sales of its new 4.0 litre twin turbo V8 DB11.
In the first half of 2017, Aston Martin earned pre-tax profit of £21.1 million compared with a loss of £82.3 million in the same period last year.
Sales surged 67 percent to 2,439 vehicles.
Aston Martin expects full-year volumes to rise by around a third to roughly 5,000, and said it is “increasingly possible” that it will post a full-year pre-tax profit this year, its first since 2010. Aston Martin, owned 37.5 per cent by Italian private equity firm Investindustrial, along with Kuwaiti companies Investment Dar and Adeem Investment and others including Daimler, is implementing a turnaround plan which could propel it towards a stock market flotation by the end of the decade.
Aston Martin, earned pre-tax profit of £5.9 million in the first quarter compared with a £29.7 million loss in the same period of 2016.
Ford sold Aston Martin in 2007.
After the first quarter results Aston Martin forecast it will earn £170 million in all of 2017 on an EBITDA basis (earnings before interest, taxes, depreciation and amortization), compared with previous guidance of £165 million and last year’s £101 million. It said sales in 2017 will jump more than 30 per cent from 3,687 cars in 2016. Concept cars include an electric Rapide S. CEO Andy Palmer has said a DBX SUV will be launched in 2020, and the electric Rapide will go into production next year. The company is also planning to use its brand to sell yachts, apartments and handbags.
The financial media reports said Aston Martin may float on the stock market next year. Its value could reach £2.3 billion.