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Aston Martin has reported four consecutive quarters of profitability for the first time since it was sold by Ford in 2008, paving the way for a potential stock market listing in 2019.
The carmaker famed for its association with James Bond reported a £22m pre-tax profit for the nine months to September, compared with a loss of £124m a year earlier.
Sales rose 84 per cent to £567m thanks to strong demand for the Aston Martin DB11 and revenues from the sold-out limited edition £525,000 Vanquish Zagato.
As a result, Aston now expects annual underlying earnings to be at least £180m, with revenues of more than £840m, the third time the group has raised forecasts this year.
The company upgraded its annual forecasts once in the spring, and again in the summer when it said profits for the year would be £175m and sales £830m.
The figures were published the day after Aston took the covers off the new Vantage, the second in a series of seven cars it is aiming to unveil before 2022 as part of a turnround plan that follows years of poor financial results.
The Vantage, a sports car with a V8 engine that is one of Aston’s cheapest at £120,900, will begin deliveries in the second quarter of next year, the group said on Tuesday.
“Our strong financial performance and continued profitability reflect the growing appeal of our high performance sports cars, with the new DB11 Volante and a new Vantage expected to stimulate further demand,” said chief executive Andy Palmer on Wednesday.
The number of cars Aston sold in nine months rose 65 per cent to 3,300, while the average selling price climbed to £150,000 because of more expensive cars and customers choosing to add more features.
In the third quarter, sales rose 62 per cent to £156.4m, and operating profits were £8.6m compared with a £8.5m loss a year earlier.
Aston exports more than 75 per cent of its cars and has been partly helped by the fall of the pound that followed Britain’s vote to leave the EU, although it buys a significant number of components — including its V8 engines from Daimler — in euros.
The company is building a new site at an old RAF base in Wales to produce its first SUV in 2019.