Aston Martin losses widen as car maker warns on coronavirus
Aston Martin Lagonda Global Holdings
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14:05 19/04/24
Troubled UK luxury car maker Aston Martin reported a widened full year loss, the departure of its financial officer and warned that the coronavirus could impact demand in its key China market.
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The maker of iconic British sports cars reported a 53% blow out in pre-tax losses to £104.3m as revenue slipped by 9% to £997.3m. It also swung to an operating loss of £36.7m compared with a profit of £72.8m last year. Net debt increased 57% to £876.2m.
“Covid-19 has the potential to impact both the supply chain and customer demand in China and other markets. China was the company’s fastest-growing market in 2019 and represented 9% of total wholesales,” the company said on Thursday.
Chief financial officer Mark Wilson will step down from his role before the end of April.
The company issued a profits warning last July and again in January. Late last month it said it would receive a cash injection of £182m from a group headed-up by Canadian billionaire Lawrence Stroll, giving the consortium a 16.7% stake in the car manufacturer.
Aston Martin also said it would raise an extra £318m through a rights issue to strengthen its balance sheet.