Industry/Official

Rising demand for Aston Martin DB11, revenues jump 94%

aston-martin-db11

Announcing the 2017 H1 results, Aston Martin said that the revenues has almost doubled compared to £211.8m in H1 2016 to £410.4m this year, thanks to the rising demand for DB11.

For the six months to June 30, the company reported pre-tax profits of £21.1m – reversing a loss of £82.3m in the same period of 2016 – on revenues that increased to £410.4m from £211.8m in the first half of 2016.

In the second quarter, pre-tax profits reached £15.2m on revenues of £222.0m, compared with a pre-tax loss of £52.6m on revenues of £119.2m in the prior-year quarter.

Dr Andy Palmer, President and CEO, said: “Aston Martin is accelerating financially with our third successive quarter of pre-tax profit. Our improving performance reflects rising demand for our new DB11 model, as well as for special edition vehicles and the ongoing benefits from our Second Century transformation plan.”

For the first half, global wholesale volumes rose by 67% to 2,439 vehicles as orders continued to rise in the UK, mainland Europe, the Americas and China. The average selling price per model, excluding special editions, rose 25% to £149,000 – principally driven by DB11.

During the second quarter, Aston Martin continued its product offensive with the launch of the 4.0-litre twin-turbo V8 variant of the DB11. It also announced plans for its first all-electric, zero-emission model: the limited-edition RapidE set to begin production in 2019.

As the company expands, conversion work is well underway on the new manufacturing facility in St Athan, where assembly of the upcoming DBX SUV model is due to start in 2019, supporting up to 750 new jobs in South Wales.

Mark Wilson, Executive Vice President and Chief Financial Officer, said: “The strength of our first-half results prove that our strategy is on track. We exceeded our budget for the tenth consecutive quarter, giving us confidence that we will deliver a step-change in full-year performance. We are increasing our baseline guidance for underlying earnings of £175m on revenues of £830m in 2017.”

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