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CFO says Aston Martin to reach profit since 2016

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CFO says Aston Martin to reach profit since 2016

Hanno Kirner, the finance officer of British sports car manufacturer Aston Martin has announced that the automaker is expected to end its loss-making stint and return to a high profitability margin somewhere after 2016.

The highly luxurious sports manufacturer, which has a 101-year history behind it, announced that after struggling to recuperate its business after the 2009 economic crisis a five-year 500 million pound ($843.57 million) investment strategy would bear fruit since 2016.

“Once we finish the investment phase, we are very, very confident that it’s going to take us to a very sustainable profitability,” the CFO said during an interview. “We expect to return to significant profitability in the periods after 2016.”

The Gaydon, Warwickshire-based company is owned by Kuwaiti and Italian private equity groups, and posted in 2012 an adjusted pretax loss of 24.6 million pounds, while sales were down from 4,200 cars in 2011 to 3,800 units in 2012.

The UK company is now aiming to double the volume by 2016, aided by the newly introduced V8-engined versions of its Vantage and DB9 models. The past year has been hard on the company, which scrapped its Cygnet model – a failed attempt to enter the profitable city car segment, while currently the line-up lacks an SUV model, highly popular in many regions.

Via Reuters

by Aurel Niculescu (my Google+) - Tuesday, May 13th, 2014 - filed under Aston Martin, Industry, News. Image credit: .
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