GAYDON, UK, – January 6, 2017 – (Motor Sports Newswire) – Aston Martin Holdings (UK) Ltd., the producer of luxury hand-crafted sports cars, announced that it would exceed its previous guidance on Adjusted EBITDA (adjusted earnings before interest, tax, depreciation and amortisation) of £85m-£90m for 2016.
Aston Martin also said that it anticipates sharply increased adjusted EBITDA for 2017 amid encouraging demand for its new DB11 model.
The improving outlook follows the successful launch of the DB11, which achieved wholesale volumes of a thousand vehicles – in line with company targets for the period following the start of production in August 2016. This update reflects a healthy order bank for the DB11 sports car and continued benefits from the ‘Second Century Plan’ product transformation program.
Dr Andy Palmer, Aston Martin President and Chief Executive Officer, said: “We are performing ahead of expectations, both in terms of underlying earnings and in meeting our targets for the DB11, special vehicles and the pre-existing product line up. Our lean operating structure, financial discipline and targeted investment strategy have put us on the path to sustainable profitability.”
Aston Martin will report 2016 full-year earnings in February, 2017.
Source: Aston Martin Holdings (UK) Ltd.