Luxury carmaker Aston Martin downgraded its outlook for the full year as challenging trading conditions continued through the peak delivery period of December weighing on sales. For 2019, the company said it now expected adjusted earnings (EBITDA) to be in a range of £130m to £140m with an associated margin of 12.5% to 13.5%. The carmaker luxury carmaker highlighted a number of headwinds that hurt performance including weaker core model mix, which weighed on average selling price, lower-than-expected wholesale volumes and increased marketing costs. Core wholesales declined 7% year-on-year to 5,809, while core retail sales increased by 12% year-on-year and exceeded wholesale volumes, leading to reduced dealer inventory and reversing the trend of the prior year, the company said. DBX order book advanced to c.1,800 since it opened on 20 November 2019, of which about 1,200 of were customer-specified, the company said. 'As a result, we have now exceeded the various conditions to be able to draw the additional $100m of April 2022 notes and currently anticipate drawing these down within the next four weeks,' Aston Martin said. 'We also remain in discussions with potential strategic investors which may or may not involve an equity investment into the company,' it added. At 8:04am: (LON:AML) Aston Martin Lagonda share price was -34.9p at 485.9p At 8:09am: (LON:AML) Aston Martin Lagonda share price was -50.85p at 469.95p
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.