Aston Martin seeks to reassure investors
Trading statement says full-year sales should be close to 6,400 vehicles
Aston Martin’s third-quarter output almost doubled, driven by demand for the DB11 Volante and Vantage models, especially in the Americas and Asia Pacific. Photograph: Getty Images
Aston Martin sought to reassure investors that its prospects remain rosy after the luxury automaker’s shares flopped following an initial public offering last month.
Full-year sales should be at the top end of a 6,200-to-6,400 car range, paving the way for further growth as new models are introduced, the Gaydon, England-based company said in a statement on Thursday.
Aston Martin’s third-quarter output almost doubled, driven by demand for the DB11 Volante and Vantage models, especially in the Americas and Asia Pacific. Earnings jumped 93 per cent.
The figures may reassure investors after an IPO that raised £19 a share but saw the stock drop 4.7 per cent on its debut, a slide that has continued. The stock has now declined 15 per cent since floating, valuing Aston Martin at £3.67 billion.
Chief executive Andy Palmer said the company’s first reporting period as a listed company had delivered a “sharp increase” in key performance measures. Future growth would be spurred by new models, including the DBS Superleggera. – Bloomberg