Gaydon, Warwickshire - Aston Martin has seen losses almost triple over the past year due to a major expansion drive aimed at transforming its fortunes.
The British manufacturer, which made the cars James Bond drove in the 007 movies, has collapsed into administration seven times since 1913, but is building a £200 million (R4 billion) factory in South Wales for its DB11 supercar and has an ambitious six-year turnaround plan.
The DB11 made its debut at the Geneva Motor Show in March – its first new car for more than a decade. Chief executive Andy Palmer now plans to launch a model every nine months and hopes to take on bigger rivals such as Ferrari and Lamborghini.
All-new 11 the quickest Aston DB yet
But development costs have weighed on earnings. Aston Martin posted an operating loss of £58.3 million (R1.2 billion) for 2015, up on the £18.4 million (R373 million) the year before. Much of this was due to a £30.2 million (R612 million) one-off charge linked to the factory investment as well as a £10.1 million (R205 million) cost for issuing new stock to shareholders.
It is the fifth year of consecutive losses. The firm also said the number of vehicles produced fell to 3615 about 50 fewer than in the previous year.
Finance director Mark Wilson said: “While the investment spend and costs of reorganisation led to an operating loss in 2015, Aston Martin is performing ahead of budget.”
In 2012 it secured £500 million (R10.15 billion) of funding and raised another £200 million (R4 billion) issuing shares to investors. This will help fund a luxury 4x4-style vehicle called the DBX to rival high-end Range Rovers and take on Bentley’s Bentayga and the Porsche Cayenne.
Aston’s new, all-electric DBX crossover will be made at the plant in the Vale of Glamorgan and launched in 2020.
Daily Mail
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