London, 26 July, 2023, (Oilandgaspress) – Aston Martin’s second-quarter results beat market expectations, thanks to higher prices and demand for its DBX707 sports utility vehicle and limited edition V12 Vantage Roadster, sending shares 6% higher.
Aston Martin reported an adjusted operating loss of 38.9 million pounds ($50.2 million) and revenue of 381.5 million pounds in the quarter to June.
H1 2023 Highlights
▪ Q2 performance ahead of expectations; FY 2023 guidance maintained
New DB12 Coupe sold out for 2023 following launch at the end of May; GT/Sports sold out for 2023 ahead of new launches; DBX order book into Q4
H1 revenue growth of 25%, driven by strong DBX volume and ASP growth
Gross profit increased by 26% YoY with a gross margin of 35%
Adj. EBITDA increased 38% YoY to £81m or a margin of 12%, representing YoY margin expansion of c. 110bps
Free cash1 outflow of £218m; cash balance of £400m; net debt reduced by one-third YoY to £846m
On track to substantially achieve 2024/25 financial targets in 2024
Accelerating the pace of execution; transformation of our sports car line-up
New senior appointments in procurement, manufacturing & engineering
Opened first ultra-luxury flagship store in New York City
New DB12 Coupe deliveries commencing in Q3 2023
Initial DBS770 Ultimate deliveries commenced in Q2, ramping up in Q3 (all 499 units sold); Deliveries of Aston
Martin Valkyrie Spider, DBR22 and Valour to commence in H2
Unprecedented demand for Valour, all 110 units sold within 2 weeks, with a growing waiting list
Landmark agreement with Lucid to supply EV technology
Moving forward in our ambition to create the world’s most thrilling and highly desirable electric performance cars
Supports our target to launch our first BEV in 2025
Development of a single, bespoke Aston Martin flexible BEV platform
Mercedes-Benz remain strategic partner for ICE and PHEV technologies; Long-term partnership with Geely
New financial targets for 2027/28 announced at Capital Markets Day
Revenue of c.£2.5bn; gross margin in the mid 40s%; adj. EBITDA of c.£800m; adj. EBITDA margin of c.30%
Free cash flow to be sustainably positive; net leverage of c.1.0x
H1 2023 Wholesales & ASP
10% volume growth driven by 43% increase in DBX wholesales; lower GT/Sports volumes as expected, due to ongoing transition ahead of new launches;
strong ASP progression
Total wholesales : 2,954
GT/Sports: 1,369 (12%)
Specials: 38 19%
SUV: 1,547 43%
H1 2023 Wholesales by Region
Strong growth in Americas and EMEA due to higher DBX volumes; UK driven by transition of GT/Sports; China impacted by transition of GT/Sports and DB
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