Aston Martin is Back to Making Money
The British automaker posted a first-quarter profit for the first time in a decade.
Aston Martin said strong orders for the new DB11 helped more than double revenues from £92.6 million ($120 million USD) to £188.3 million ($244 million). Pre-tax profit came in at £5.9 million ($7.64 million), compared to last year’s losses of £29.7 million ($38.5 million). The company also attributed its success to a strong retail presence and market share gains particularly in the U.K. and China.
SEE ALSO: 2017 Aston Martin DB11 Review
The brand has had an annual loss for each of the past six years and has gone bankrupt seven times in its history. Last year, it sold 3,687 cars but Aston Martin hopes to boost that figure by over 30 percent this year.
“The group has made a strong start to the year. We are delivering on our ‘Second Century’ transformation program and building sustainable profitability,” said Dr. Andy Palmer, Aston Martin president and CEO. “Forthcoming models including the new Vantage and Vanquish will expand on our recent growth, underpinned by the financial resources and operational discipline of a true British success story in luxury car production.”
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Jason Siu began his career in automotive journalism in 2003 with Modified Magazine, a property previously held by VerticalScope. As the West Coast Editor, he played a pivotal role while also extending his expertise to Modified Luxury & Exotics and Modified Mustangs. Beyond his editorial work, Jason authored two notable Cartech books. His tenure at AutoGuide.com saw him immersed in the daily news cycle, yet his passion for hands-on evaluation led him to focus on testing and product reviews, offering well-rounded recommendations to AutoGuide readers. Currently, as the Content Director for VerticalScope, Jason spearheads the content strategy for an array of online publications, a role that has him at the helm of ensuring quality and consistency across the board.
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