Posh sportscar maker Aston Martin Lagonda (AML) beat its wholesale vehicle sales target in 2021 with volumes surging 82% to 6,182 across its model fleet. But the positive news was offset by an admission by the company that it will miss profit expectations, with Aston Martin blaming weaker than anticipated fourth quarter sales.

The company said only 10 units of the Aston Martin Valkyrie and Valkyrie AMR Pro vehicles were shipped to customers in the final quarter of the year.

‘This was fewer than previously planned and accordingly, adjusted earnings before interest, tax, depreciation and amortisation is anticipated to be around £15 million lower than expected,’ the statement said.

‘The impact is timing only, all Aston Martin Valkyrie Coupes are sold and remain allocated to customers with significant deposits,’ the company added.

EYES ON £500 MILLION PROFIT

Management restated its medium-term objectives to generate around £500 million EBITDA on approximately £2 billion revenue by 2025, possibly earlier.

‘With a full year of Aston Martin Valkyrie programme deliveries in 2022 we are expecting to deliver significant growth, in addition to the launch of our second DBX derivative, intended to disrupt the performance luxury SUV market and the final edition of the V12 Vantage,’ said chief executive Tobias Moers.

Shares in Aston Martin Lagonda only managed to advance 2.5% to £14.04 on the mixture of good and bad news. Doubts continue to surround the company’s financial performance and its shares are still 38% lower than the £22.73 peaks of February 2021.

Aston Martin Lagonda has seen sales decline year-on-year since hitting nearly £1.1 billion in 2018, while the firm has not made a net profit since 2017. The company reported net debt of £808.6 million at the end of its 2021 third quarter.

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Issue Date: 07 Jan 2022