LONDON, UK– Aston Martin Lagonda on Wednesday said net losses more than halved in the first half on reduced financing costs and higher sales of its luxury cars.
Losses after tax dropped to £142.6 million ($184 million) in the six months to the end of June, Aston Martin said in an earnings statement.
That compared with a net loss totaling £290 million in the first half a year earlier.
Revenue accelerated 25 percent to £677.4 million.
“Whilst celebrating our 110th anniversary, the first half of 2023 has seen us continue to deliver on our targets, while reaching landmark agreements with world-class partners to support our longer-term growth and electrified future,” chief executive Amedo Felisa said in the statement.
Aston Martin, beloved by fictional British spy James Bond, announced last month a deal with US-Saudi electric vehicle specialist Lucid Group to help make the British group’s ‘green’ cars.
The automaker was saved from bankruptcy in 2020 by Canadian billionaire Lawrence Stroll, its biggest investor.
“At the end of June, we… provided a significant update on our electrification strategy,” Stroll said Wednesday.
“In addition, we are now driving new levels of operational excellence to support our growth and deliver on our targets.”
Shares in Aston Martin gained 3.8 percent to 353 pence following the update.