The luxury car manufacturer swung to the loss for the three quarters to September, from a £23.9m pre-tax profit in the same period last year, as its recent sales downturn continued.
But the luxury carmaker is hoping the upcoming Bond film, No Time To Die, will help boost sales as it feature four of its models: the classic DB5 and V8 Saloon, as well as the new DBS Superleggera and Valhalla. Revenues and wholesale volumes for the Aston Martin Lagonda group both registered double-digit declines in the third quarter.
Meanwhile, total revenues fell seven per cent to £657.2m for the year to date, after sales in the third quarter dived 11 per cent to £250.1m.
Falling UK and European sales
This was particularly driven by the decline in wholesale volumes, which plunged 16 per cent for the three months to September. The company blamed falling sales in the UK and Europe as well as weak demand for its entry level Vantage sports car.
Sales in the UK slid 22 per cent during the past three months and European sales dropped 17 per cent, but sales in the US grew 2 per cent. Nevertheless, the company held firm on its financial expectation despite lower volumes and “continued economic uncertainty”.
Aston Martin warned about profits in July, saying it had too many unsold cars in dealerships.
Andy Palmer, Aston Martin president and group chief executive, said: “Tough trading conditions, particularly in the UK and Europe, persist and whilst retail sales have grown 13 per cent year-to-date, wholesale volumes remain under pressure. We remain pleased with the performance of DB11 and DBS Superleggera. However, the segment of the market in which Vantage competes is declining.
“Total wholesale volumes are down year-on-year as we balance growth, brand positioning and dealer inventories. Additionally, we are taking actions to control our costs through an efficiency programme.”