Aston Martin on track for key margin target despite narrowed loss

Aston Martin Lagonda (LSE: AML) narrowed its annual loss and reported a modest fourth-quarter profit while remaining confident in achieving its long-standing target of a 40% gross margin in 2024.

The luxury carmaker’s pre-tax loss for the year ended December 31st, 2023, narrowed significantly to £239.8 million, compared to a loss of £495.0 million in 2022. Revenue grew 18% to £1.63 billion, driven by rising volumes and record average selling prices.

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Aston Martin expects strong demand for its new car launches in 2024, including the Vantage and its final front-engine sports car, to contribute to high single-digit percentage wholesale volume growth and EBITDA margin expansion into the low 20s%.

Shares in Aston Martin were down 2.2% in morning trade.