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Aston Martin Lagonda Global Holdings PLC set to miss earnings target by £15mln 

The company expects significant growth as its Valkyrie programme plays catch-up over the next 12 months 

Aston Martin Lagonda Global Holdings PLC (LSE:AML) said it will miss its earnings (EBITDA) target for 2021, blaming weaker than anticipated fourth quarter sales.  

The company said only 10 units of the Aston Martin Valkyrie and Valkyrie AMR Pro vehicles were shipped to customers in the final quarter of the year.  

“This was fewer than previously planned and accordingly, adjusted EBITDA is anticipated to be around £15m lower than expected,’ a statement said. “The impact is timing only, all Aston Martin Valkyrie Coupes are sold and remain allocated to customers with significant deposits.”

Tobias Moers, chief executive of Aston Martin, said: “The Valkyrie programme is now running at rate for 2022 having focused on delivering with no compromises in the face of supply chain challenges and huge complexity in the production ramp-up which resulted in a timing impact for 2021.” 

The company’s wholesale volumes grew 82% to 6,182 as planned, inclusive of all its models. 

It also said its year-end cash balance was roughly £420m, higher than previously anticipated 

“With a full year of Aston Martin Valkyrie programme deliveries in 2022 we are expecting to deliver significant growth,” Moers added.

Shares were largely unchanged at 1,364p in Friday morning’s deals. 

Read More: Aston Martin Lagonda Global Holdings PLC set to miss earnings target by £15mln 

2022-01-07 03:18:00

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