James Bond car maker Aston Martin buoyed by soaring SUV sales
Aston Martin (AML.L) revenue beat expectations in the first half, heading higher off the back of sales of its new DBX SUV and a strong performance in China.
James Bond's auto provider narrowed its pre-tax losses to £48m ($66.6m) in the three months to June, from £117m a year earlier.
Sales ballooned to £274m, a more than five-fold increase.
The company's stock price rose around 2.9% in early trade following the report.
More than half of Aston Martin's 2,901 sales came from customers wanting the DBX — the carmaker's first SUV.
It also said it had benefited from the successful launch of the Valhalla hybrid supercar at the British Grand Prix
"Building on the success of DBX, our first SUV, we have since delivered two more new vehicles and with more exciting product launches to come we are well positioned for growth," said Lawrence Stroll, executive chairman. "The launch of Valhalla last week signals a new era for Specials at Aston Martin as an integral pillar of our brand and our product innovation."
SUVs propped up sales in the Asia-Pacific region, which were up 444% compared with the same period last year.
Guidance for the full year was unchanged for a total of 6,000 vehicles sold and underlying cash profit margins in the mid-teens, excluding the impact of £15m in legal fees.
Read more: European markets mixed on busy day of financial results
"All told, it was a solid six months for the luxury car-maker, but the group’s far from being able to set the cruise control," said Laura Hoy, equity analyst at Hargreaves Lansdown.
"Aston Martin’s undoubtedly behind the curve with its electric vehicle strategy, a market that will likely become a much bigger piece of the puzzle as time goes on."
Watch: Aston Martin reveals new hybrid supercar
