Aston Martin has lost £78.8 million (AUD $139,909,400) in the first half of the year after the firm says the ‘challenging global economy’ affected the company.
“We are disappointed that our projections for wholesales have fallen short or our original targets impacted by weakness in two of our key markets as well as continued macro-economic uncertainty,” chief executive Andy Martin says.
The loss compares with a profit of £20.8 million (AUD $36,933,808) a year earlier.
The figures come after Aston Martin saw its stock market value halve and plummeted another 18% on August 1 to 464.10, after the British carmaker issued a shock profit warning on July 24.
Sales in Britain and Europe fell by 17% and 19% in the first six months of 2019 respectively. Aston Martin slashed its annual sales forecast from an expected 7100-7300 to 6500. Car dealers are concerned about the possibility of not selling all the stock.
“Accordingly, we have taken action to reduce wholesale guidance for 2019,” Martin adds.
“We are also improving efficiency across the business, whilst protecting the brand.”
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