Aston Martin Lagonda Global Holdings PLC on Friday posted a sharply widened interim loss as ballooning expenses more than offset an increase in revenue.

Pretax loss in the half-year to June 30 widened to £285.4 million from £90.7 million a year ago.

Revenue increased 8.6% year-on-year to £541.7 million from £498.8 million. This growth was more than offset by administrative expenses widening 55% to £226.1 million from £146.2 million.

The Gaydon, Warwickshire-based luxury carmaker kept its 2022 guidance unchanged, as ‘Valkyrie production continues to pick up pace. We continue to expect 75 to 90 Aston Martin Valkyrie programme vehicles to be shipped in 2022, with 38 vehicles already assembled in the first half of the year.’

‘The global operating environment remains uncertain, with the war in Ukraine, intermittent Covid-19 lockdowns in China, continued supply chain and logistics disruptions, and raw material cost inflation. Our teams remain focused on minimising any impact on the company’s financial performance,’ Aston Martin said.

Regarding a strategic cooperation agreement, with Mercedes-Benz Group AG, Aston Martin announced an amendment to the SCA, extending the time frame for the company and Mercedes to agree additional technology requests by 12 months, with the corresponding tranche two share issuance related to the second basket of Mercedes technologies to be accessed under the SCA.

The technology includes battery electric vehicles, to take place by July 2024. Aston Martin said the amendment would not affect its access to the technologies, subject to reaching a commercial agreement, or change the timeline for our first BEV, which we continue to target for launch in 2025.

Aston Martin shares were 1.9% lower at 466.46 pence each in London on Friday morning.

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