Fast lap in the markets for Aston Martín Lagonda. The iconic British brand is not only making waves among Formula 1 fans thanks to the driving of Fernando Alonso, but now it is also making waves among investors. The British luxury car manufacturer shoots up this Wednesday on the London Stock Exchange to the highest since June 2022, after predicting an improvement in profitability this year and despite multiplying its losses in 2022. Its shares rise 10%, to 2.2 lbs.
The company attributes the increase in red numbers to the weakening of the pound against the dollar, since most of its debt is in US currency, which is why it has proceeded to revaluate and make some accounting adjustments. The company led by the Canadian Lawrence Stroll, owner of 28% of the shares, increased its net losses by 178% year-on-year in 2022, up to 527 million pounds, while its income rose 26%, to 1,381 million, according to a presentation
“By 2023, we expect to deliver significant growth in profitability compared to 2022, primarily driven by increased volumes and higher gross margin on both basic and specialty vehicles. We expect deliveries of the first of our next generation of cars sporting goods begin in the third quarter,” the company said in its presentation.
Accelerates 47% in the stock market in 2023
Adjusted operating loss (Adjusted Ebitda) will also rise to £118m during 2022, from £74m in 2021. across the board. Despite this, the brand sold 6,412 cars in 2022, 3.7% more than in 2021, and is aiming for a relaunch in 2023.
Precisely, investors reward the improvement in their forecasts of results for the coming months and Aston Martín points out that in 2024 it will have a positive cash flow on a recurring basis. With the strong rise that its shares registered this Wednesday, the British group has appreciated 47% since January. In addition to Stroll, the sovereign wealth fund of Saudi Arabia (18%), the Chinese millionaire Li ShuFu (7.6%) and Mercedes-Benz (2%) are its main partners. Its stock market value increased to 1.6 billion pounds.
