Aston Martin Lagonda Global Holdings PLC on Wednesday reported a first-quarter performance in line with expectations, with growth in revenue on strong pricing but a widened loss through higher expenses.
In addition, the luxury carmaker confirmed the appointment of Amedeo Felisa as chief executive officer, with immediate effect. He will be replacing Tobias Moers, who is stepping down after two years in the role since 2020.
Felisa was CEO of Ferrari from 2008 and 2016. He joined the Aston Martin board as a non-executive director last summer.
Moers was brought into Aston Martin by Executive Chair Lawrence Stroll, having been CEO of the AMG sports car arm of Mercedes Benz AG.
Aston Martin has also hired Roberto Fedeli as chief technical officer, taking on the second role held by Moers. Fedeli was at Ferrari for 26 years. Aston Martin said he is considered the creator of Ferrari LaFerrari, the Modena, Italy-based company’s first hybrid supercar
Chair Lawrence Stroll said ‘there is a need for the business to enter a new phase of growth with a new leadership team and structure’.
He added: ‘I am extremely pleased that Amedeo has agreed to take on the role of CEO. He has extensive knowledge of both Aston Martin’s business and the wider automotive industry with an excellent track record and previous experience of leading a major ultra-luxury car manufacturer. His technical acumen and charisma will be inspirational for the entire company.’
Shares in the Warwick, England-based carmaker were 8.9% higher at 920.55 pence on Wednesday in London, the best performer in the FTSE 250.
For the three months ended March 31, Aston Martin posted a pretax loss of £111.6 million, widened from £42.2 million in the same period a year before, as a result of ballooning operating expenses.
However, revenue grew 3.7% to £232.7 million from £224.4 million a year prior, with the increase being driven by a rise in the core portfolio’s average selling price to £151,000 from £149,000, and the Valkyrie programme making 14 deliveries.
The Valkyrie is a limited production hybrid sports car that comes with a price tag of £2.5 million.
Adjusted earnings interest, tax, depreciation, and amortisation rose 18% to £24.4 million from £20.7 million.
Aston Martin’s wholesale volumes dropped 14% year-on-year to 1,168 from 1,353, as a result of preparation for the start of DBX707 production and ongoing supply chain constraints.
Looking ahead for 2022, Aston Martin still expects an 8% rise in core volumes and a 50% improvement in adjusted core Ebitda.
‘We are poised to deliver good growth in 2022 and remain extremely confident in the medium and long-term prospects as we transform Aston Martin into the world’s most desirable ultra-luxury British performance brand,’ Stroll added.
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