Aston Martin tones down 2013 loss image

The luxury British sportscar maker Aston Martin, best known for the models that became trusty James Bond companions, has announced its pretax loss for 2013 went down by a third.

The automaker – which unlike other niche manufactures lacks the backing of a large auto group – said its sales went up slightly as the market for high-end saw a modest revival. Aston has struggled in recent years as its owners – Kuwaiti and Italian private equity groups – were unable to provide the massive development funds that others – such as British rival Bentley – were treated to.

Sean Connery’s impersonation of the famous British agent saw the make and the DB5 rise to cultural fame, but the company has long since fought to keep surviving in the tough global auto environment. Last year Aston Martin saw a pretax loss of 25.4 million pounds, down a third since 2012 as revenue rose 12.6% to 519 million.

“Global economies have continued to show uncertainty during 2013, however the high-luxury sports segment has experienced a small recovery,” said the company in a report. “As with all economic recoveries the precise timing and nature of the recovery is uncertain.”

Recently, Aston Martin ended the nine-month search for a new chief executive officer, with Andy Palmer – formerly the chief of Nissan’s Infiniti luxury brand – coming to the helm.

Via Reuters