Aston Martin Lagonda Global Holdings PLC
AML,
said Friday that its first-half pretax loss widened, though revenue rose, and backed its full-year guidance.
The U.K. luxury-car maker said that pretax loss for the half year ended June 30 widened to 285.4 million pounds ($347.6 million) from a loss of GBP90.7 million the year before. It principally attributed the widening to a hit of GBP134 million from non-cash foreign exchange revaluation.
Adjusted earnings before interest, taxes, depreciation and amortization rose 20% on year to GBP59 million, primarily due to revenue growth and a 31% gross profit increase to GBP188 million, reflecting improved pricing and mix, it said.
Revenue rose 9% to GBP541.7 million, driven by record core average selling prices. Total wholesale volumes however slipped 8% to 2,676 vehicles, which the company attributed to supply chain and logistics disruptions. The company said it expects the negative effect to unwind in the second half.
The company reaffirmed its guidance for 2022 with positive free cash flow expected in the second half and said it was on track to meet its medium-term targets of 10,000 wholesales, GBP2 billion in revenue and GBP500 million in adjusted Ebitda by 2025.
Aston Martin said it has amended a strategic cooperation agreement with Mercedes-Benz AG, extending the timeframe into 2024.
Write to Joe Hoppe at [email protected]
