TIDMAML
RNS Number : 7084X
Aston Martin Lagonda Global Hld PLC
07 January 2022
7 January 2022
Aston Martin Lagonda Global Holdings plc
FY 2021 Trading Update
Aston Martin Lagonda Global Holdings plc ("Aston Martin" or the
"Company") today updates on FY 2021 trading.
-- Wholesales grew 82% to 6,182 as planned
o 3,001 DBX units wholesaled in first full year of production
taking estimated 20% market share of the luxury SUV segment
-- Retails (dealer sales to customers) greater than wholesales
for both GT/Sport and DBX as aligned supply to demand and as we
operate as a true luxury brand
-- Following an extensive and challenging development and
testing schedule which has now successfully completed, the
game-changing Aston Martin Valkyrie hypercar programme is in
production and deliveries to customers have commenced
o With a quality focused production ramp-up, 10 Aston Martin
Valkyrie and Valkyrie AMR Pro vehicles were shipped in Q4. This was
fewer than previously planned and accordingly, adjusted EBITDA is
anticipated to be c.GBP15m lower than expected. The impact is
timing only, all Aston Martin Valkyrie Coupes are sold and remain
allocated to customers with significant deposits
o An associated reduction in 2021 depreciation and amortisation
is expected to result in a broadly net neutral impact on adjusted
operating profit
o This timing change will see deliveries and the associated
EBITDA continue through 2022 as planned and now through 2023
-- Year-end cash balance of c.GBP420m, higher than previously anticipated
-- Preliminary results for the twelve months to 31 December 2021
will be announced on 24 February 2022
Lawrence Stroll, Aston Martin Lagonda Executive Chairman
commented:
"I am extremely pleased that our core business has delivered to
plan with over 6,000 core wholesales in the year whilst driving
inventory to levels that are appropriate for an ultra-luxury
business. The evidence is there that our strategy is working, as
retail sales are well ahead of wholesales supported by strong
pricing and improving residual values. It is a very long time since
the core business was in such good health as it is today.
We have achieved an enormous amount and are well on track with
our transformation of Aston Martin into one of the greatest
ultra-luxury brands in the world with new leadership, partners and
products, and our return to Formula One(TM) , which has
significantly increased our brand exposure, perception and
desirability. We inherited a challenging programme with Valkyrie
but we are now producing these fabulous hypercars. Our progress
to-date underpins my confidence in the future, our continued
success and the potential for the business. With a full year of DBX
deliveries completed and our compelling product pipeline, including
a new generation of front-engine sports cars in 2023, I am more
assured than ever of achieving our medium-term objectives of
revenues of c.GBP2bn and adjusted EBITDA of c.GBP500m by
2024/25."
Tobias Moers, Aston Martin Lagonda Chief Executive Officer
commented:
"Our core business delivered as planned while navigating a
challenging external operating environment. Brand desirability is
strong, with new customers being attracted to Aston Martin and
retail sales ahead of wholesales as we follow our demand-led
ultra-luxury business model. We are achieving strong pricing and
closed the year with dealer stock at optimum levels aligned to our
business approach.
With the DBX having achieved about 20% share of the luxury SUV
market I am pleased that we also successfully launched the DBX
straight-six in China in November as planned, creating
opportunities for 2022.
There is also tremendous demand for our limited editions
including the two times oversubscribed Aston Martin Valkyrie
Spider, launched in August, and the plug-in hybrid super car
Valhalla. In addition, we have taken aggressive action on improving
the efficiency and profitability of the business, through Project
Horizon.
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. With a full year of
Aston Martin Valkyrie programme deliveries in 2022 we are expecting
to deliver significant growth, in addition to the launch of our
second DBX derivative, intended to disrupt the performance luxury
SUV market and the final edition of the V12 Vantage."
This announcement includes inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 and is being
released on behalf of Aston Martin Lagonda Global Holdings plc by
Rachael Hambrook, Interim Company Secretary.
Enquiries
Investors and Analysts
Charlotte Director of Investor Relations +44 (0)7771 976764
Cowley charlotte.cowley@astonmartin.com
Holly Grainger Deputy Head, Investor Relations +44 (0)7442 989551
holly.grainger@astonmartin.com
Brandon Henderson Senior Manager, Investor +44 (0)7585 326704
Relations brandon.henderson@astonmartin.com
Media
Kevin Watters Director of Communications +44 (0)7764 386683
kevin.watters@astonmartin.com
Paul Garbett Head of Corporate and Brand +44 (0)7501 380799
Communications paul.garbett@astonmartin.com
Grace Barnie Corporate Communications +44 (0)7880 903490
Manager grace.barnie@astonmartin.com
Tulchan Communications
Harry Cameron and Simon Pilkington +44 (0)20 73534200
No representations or warranties, express or implied, are made
as to, and no reliance should be placed on, the accuracy, fairness
or completeness of the information presented or contained in this
release. This release contains certain forward-looking statements,
which are based on current assumptions and estimates by the
management of Aston Martin Lagonda Global Holdings plc ("Aston
Martin Lagonda"). Past performance cannot be relied upon as a guide
to future performance and should not be taken as a representation
that trends or activities underlying past performance will continue
in the future. Such statements are subject to numerous risks and
uncertainties that could cause actual results to differ materially
from any expected future results in forward-looking statements.
These risks may include, for example, changes in the global
economic situation, and changes affecting individual markets and
exchange rates.
Aston Martin Lagonda provides no guarantee that future
development and future results achieved will correspond to the
forward-looking statements included here and accepts no liability
if they should fail to do so. Aston Martin Lagonda undertakes no
obligation to update these forward-looking statements and will not
publicly release any revisions that may be made to these
forward-looking statements, which may result from events or
circumstances arising after the date of this release.
This release is for informational purposes only and does not
constitute or form part of any invitation or inducement to engage
in investment activity, nor does it constitute an offer or
invitation to buy any securities, in any jurisdiction including the
United States, or a recommendation in respect of buying, holding or
selling any securities.
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