FTSE 250: Aston Martin revenue up 26% ahead of launch of 'exclusive model'
Aston Martin has reported increased revenue and underlying profits after a "strong fourth quarter in 2022".
The car-marker posted that its revenue for the year to 31 December grew 26% to £1.38bn, and that underlying profits were up 38% to £190.2m.
However pre-tax losses across the company increased to £495m, up from £214m the year previous.
The company stated that revenue was boosted by inflation, allowing it to achieve a record average selling price of more than £200,000 per vehicle.
The car-maker (AML.L) also added that it plans to deliver a number of new products in the second half of 2023.
One being a ramp up of the DBS 770 Ultimate, and because 2023 sees the firm's 110th anniversary, there is a plan to produce a “new, strictly limited, exclusive Aston Martin model”.
The car-maker went on to discuss how later in 2023 will see the first deliveries of the already-sold-out Aston Martin Valkyrie Spider and the ultra-luxury DBR22.
Aston Martin doesn't go into detail about the design of the "extraordinary special model" to be released later this year to mark the company's 110th anniversary.
However, speculation abounds that the upcoming limited-run model could be based on the Valkyrie.
The limited addition product could also be an entirely new design, which the firm has produced in the past, with low-volume releases of the Vulcan, and one-offs like the Victor.
If the new vehicle was to be modelled on the Valkyrie, then an idea of its acceleration could be a similarly impressive 0 to 60 mph in 2.5 seconds, and a top speed of 250 mph.
Executive chairman Lawrence Stroll said the company ended the year “with significantly improved growth, margin enhancement and positive free cash flow in Q4, exiting 2022 with the strongest order book in many years”.
In the company's preliminary results for the 12 months to 31 December 2022, CEO Lawrence Stroll added: “2022 saw Aston Martin continue to build on the strong foundations that have been established during my three years as executive chairman. While the last 12 months presented industry-wide challenges, we look to the future with renewed confidence in our ability to deliver on our vision, and the targets we have set.”
He added: “We have made the biggest investment in our iconic brand through the launch of a bold new creative strategy and brand position that aligns Aston Martin to our future ambitions. Our high-performance DNA has been further amplified by our partnership with the Aston Martin Aramco Cognizant Formula One TM team, driving growing demand from a new generation of customers, with more than 60% new to the brand.”
Watch: How big a jump can Aston Martin make in 2023?
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