Aston Martin swung to a loss in the third quarter of the year, as weaker demand the UK and Europe continued to pressure wholesale volumes. The luxury carmaker also downgraded its guidance on wholesales volumes, but said it still expected to meet market expectations. 'We see pressure on volumes continuing into the end of the year and now expect total wholesales to be lower than previously guided, but within the range of market expectations. We are taking actions to control our costs through an efficiency programme,' the company said. For the third quarter of the year, the company reported a loss of £13.5m compared with a profit of £3.1m on-year as wholesales slipped 16% to 1,497. The company blamed tough trading conditions, particularly in the UK and Europe, and ongoing pressure on wholesale volumes. UK and EMEA continued to be soft, down 22% and 17% respectively. The Americas continued to grow, up 2% despite exceptionally strong growth in the prior year, while APAC softened, down 34%, compared with 134% growth in the prior year. 'As we head into the peak delivery period for both core and Specials, despite lower volumes and continuing macro uncertainties, we expect to meet market financial expectations for FY 2019,' Aston Martin said. At 8:50am: (LON:AML) Aston Martin Lagonda share price was +31.55p at 449.05p
Sign up to our
Subscribe to the latest investing news by entering your email address below
You can opt out at any time.
For five days a week you will get
- The latest company news
- Insight into investment trends
- Round-up of director's buys and sells
- Articles from Shares magazine
Plus more useful investment content and occasional promotional offers.
UK 350 Risers and Fallers
Tweets not available.