Aston Martin shares jump 14% on better 2023 profitability forecasts for the British luxury carmaker.
The firm more than doubled its pre-tax losses year-on-year to £495m ($598m) in 2022, up from £213.8m in 2021, saying profits were “ materially impacted” by a revaluation of certain dollar-denominated debt, “as sterling [la valuta britannica] it weakened significantly against the US dollar during the year”. Adjusted operating losses also ballooned to £118m last year, from £74m in 2021. Revenue was up 26% year on year to £1.38bn, while the gross profit grew 31% year-on-year to £450.7 million.
While acknowledging supply chain and logistics disruptions – which have been pervasive in the automotive industry, particularly due to semiconductor shortages – the company said its wholesale volumes were up 4% compared to the previous year. previous year, reaching 6,412 units. The figure included more than 3,200 vehicles in the Aston Martin DBX range, more than half of which were driven by the launch of the DX707 SUV model unveiled in February last year.
“For 2023, we expect significant profitability growth versus 2022, driven largely by higher volumes and a higher gross margin for both core and specialty vehicles,” the company said on Wednesday, signaling a recovery in activity in the second half of 2023.
The company expects wholesale volumes to grow to 7,000 units in 2023, expecting adjusted earnings before interest, taxes, depreciation and amortization to increase approximately 20%.