Aston Martin has powered to its first annual profit since 2010 after a surge in sales in the US, China and the UK.
The British luxury car giant, which is based in Gaydon, Warwickshire, made an £87million profit last year, reversing a £163million loss the previous year.
The dramatic turnaround in fortunes was driven by a surge in sales around the world – particularly outside the EU.
Aston Martin made an £87m profit last year, reversing a £163m loss the previous year with its core DB11 range (pictured) proving irresistible for wealthy customers across the world
Despite claims from the motor industry that the Brexit vote has already stunted car sales and manufacturing, the appeal of cars including its core DB11 range proved irresistible for wealthy customers both in the UK and in far flung markets.
The manufacturer sold 5,098 cars to dealers around the world, the most it has managed to rack up in nine years.
It said this was ‘driven principally by rising demand in North America, the UK and China’. Global sales direct to customers jumped by 58 per cent to 5,117, from 3,229 in 2016.
- 5,117 cars sold by Aston Martin last year – it’s highest in nine years
- £87million profit for Aston Martin on sales of £876million
- £163million loss Aston had made in the 2016
- 58 per cent increase in sales on 2016
- £5billion estimated value of firm if it decided to float on stock market
- 1913 year Aston Martin was founded
Revenues rose 48 per cent to a record £876million, following Aston Martin’s best-ever quarter in the final three months of last year.
The buoyant results show the firm is reaping the benefits of a global sales push by British car manufacturers, which has helped prop up the industry since the Brexit vote.
Aston Martin’s chief executive, Dr Andy Palmer, was among those who joined Theresa May on a trade visit to China last month.
During the visit, the firm announced a five-year trade and investment drive in China worth over £600million.
Dr Palmer has been more sanguine than some of his peers about Brexit. He has said the fall in the value of the pound has made Aston Martin cars cheaper for overseas buyers.
The return to profit could pave the way for a stock market float next year.