Aston Martin (LON:AML) posted a pre-tax loss on Wednesday in its half year results, sending shares down.
Shares in the luxury sports car manufacturer were trading over 18% lower following the announcement.
Founded in 1913, Aston Martin is one of the UK’s most iconic brands and has become synonymous with James Bond.
In its half year results for the period ending 30 June, Aston Martin made a pre-tax loss of £78.8 million, swinging to red from the £20.8 million pre-tax profit it had made during the same period the year prior.
Last week, Aston Martin issued a trading update in which it cut its sales and profit expectations for the financial year.
The warning highlighted the challenging global macro-economic environment that was impacting the business.
“As described in our trading statement on 24 July, both our retail and wholesale volumes have increased year-on-year,” Dr Andy Palmer, Aston Martin Lagonda President and Group CEO, said in a company statement.
“However, we are disappointed that our projections for wholesales have fallen short or our original targets impacted by weakness in two of our key markets as well as continued macro-economic uncertainty. Accordingly, we have taken action to reduce wholesale guidance for 2019. We are also improving efficiency across the business, whilst protecting the brand,” the President and Group CEO continued.
“With the UK’s exit from the European Union imminent, we have enacted our plans to ensure operational readiness for the supply of parts and cars. We remain focused on execution of the Second Century Plan, financial discipline, long-term sustainable growth and ensuring we have the right funding structure in place. The strength of our brand underpins our confidence in the long-term opportunities ahead.”
Shares in Aston Martin Lagonda Global Holdings plc (LON:AML) were trading at -18.56% as of 09:43 BST Wednesday.
