By Kyle Morris

Aston Martin Lagonda Global Holdings PLC said Wednesday that it pretax loss widened for 2022 as it booked a hit from the weakening of the U.K. pound against the U.S. dollar.

The luxury car maker posted a widened pretax loss of 495.0 million pounds ($595.1 million) compared with a loss of GBP213.8 million a year before. It booked a GBP156 million negative noncash forex revaluation of U.S. dollar-denominated debt as the pound weakened significantly against the dollar during the year.

Adjusted earnings before interest, taxes, depreciation and amortization was GBP190.2 million compared with GBP137.9 million a year earlier. The increase was driven by higher revenue and gross profit, partially offset by higher reinvestment into brand, marketing and new product launch activities, as well as inflation.

Revenue was GBP1.38 billion compared with GBP1.10 billion in 2021.

Total wholesales increased 4% to 6,412 from 6,178 in 2021.

For 2023, the company expects wholesale volume growth to around 7,000, and up to an around 20% adjusted Ebitda margin.

"We delivered in line with expectations, took actions to address the short-term impacts of supply-chain issues, and continued to make progress in a number of key areas that will support our ability to meet strong customer demand and deliver our growth ambitions," Chief Executive Amedeo Felisa said.

Write to Kyle Morris at kyle.morris@dowjones.com

(END) Dow Jones Newswires

March 01, 2023 02:49 ET (07:49 GMT)

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