Aston Martin celebrate record financial year

Aston Martin DB11 range

Aston Martin Holdings (UK) Ltd, the designer and manufacturer of luxury handcrafted sports cars, today reported a record full-year financial performance driven by continued strong demand for the DB11 and special models.

For the 12 months to 31 December 2017, the Group delivered its highest-ever revenues of £876 million, up 48% versus the prior year.

Adjusted EBITDA more than doubled to £207 million, while pre-tax profit rose by a quarter of a billion pounds to £87 million, reversing a pre-tax loss of £163 million in 2016.

The improved financial performance reflected an increase in wholesale volumes to 5,098 units, Aston Martin’s highest full-year sales volumes in nine years, driven principally by rising demand in North America, the UK and China.

Global retail sales increased 58% to 5,117 units up from 3,229 units in 2016.

Dr Andy Palmer, Aston Martin President and Chief Executive Officer, said: “In 2017, we delivered record revenue, full-year profitability and positive free cash flow. The financial turnaround of Aston Martin is now complete, which enables us to drive further improvements across the business as we maintain our new launch schedule and continue delivering on the Second Century Plan.

“The outstandingly positive reaction to our new models gives us confidence that we will deliver further performance improvement in 2018.”

In the fourth quarter, Aston Martin recorded the strongest three-month performance in its history.

The Group reported quarterly revenues of £309.2 million, with adjusted EBITDA up 24% to £85.4 million. Pre-tax profit of £64.8 million was recorded in the three months to 31 December 2017, in contrast to a quarterly pre-tax loss of £38.4 million in the prior year period.

The strong fourth quarter and full-year performance resulted in operating cash generation of £343.8 million, more than double the level achieved in the previous year.