Aston Martin seeks to replace KPMG as auditor

Aston Martin seeks to replace KPMG as auditor

PARIS, FRANCE, JAN 30 2017: Dark grey Aston Martin DB5 on a Vendome square in Paris.

Aston Martin has started the year by searching for a new audit firm.

Just three months after floating on the London Stock Exchange, the luxury carmaker is looking to replace KPMG in the next few months.

KMPG, who has been carrying out audits for the group since 2007, has declined the opportunity to re-pitch for the work.

Since Aston Martin’s £4 billion float on the stock market, shares have fallen by around 30%. 

Jasper Lawler, an analyst at London Capital Group, said on the group’s debut: “The first public listing of a British carmaker in decades has the kind of ‘dinner party’ appeal that few IPOs share. We think the iconic status of this century-old British motoring brand, coupled with its relative insulation against Brexit or trade tensions, make this listing a compelling proposition.”

Aston Martin expects full-year sales for this year to rise to between 6,200 and 6,400 cars. As part of its expansion, new projects will include building an electric flying car and luxury homes.