Total retail sales sank 41 percent to £1.77bn in the six months to June, down from £3bn in the same period last year. The car sold just 1,770 cars over the period.

Total wholesales plummeted 63 percent year on year to £895m, after Aston Martin cut the inventory at its dealers by 869 cars. The firm sold just one car from its Special range over the half-year — a DB5 Goldfinger Continuation — compared with 36 from the range in the first half of 2019.




Revenue plunged 64 percent to £146m, down from £406m in 2019. The company said this was largely due to volume decline.

Aston Martin’s operating loss swelled from 38.9m to £159.3m, as the pandemic ate into sales during the first half of 2020.

It also identified ccounting errors at its US business that led the luxury carmaker to understate the scale of last year’s losses.

Pre-tax losses in 2019 were understated by £15.3m due to the accounting errors. The revision means Aston Martin made a loss last year of £70.9m compared with the £55.6m initially reported.

Net debt at 30 June dipped to £751m, down from £988m in December.



The company received an injection of £688m of new equity from Yew Tree Consortium and other investors to shore up its balance sheet.

Why it’s interesting

Aston Martin is undergoing a complete reset this year “to enable it to operate as a true luxury company”. The firm said the overhaul will involve reducing core wholesales to rebalance supply to demand, which will result in a negative impact to its financial results.

This morning, the company announced that former AMG boss Tobias Moers will start as new chief executive on 1 August.

Earlier this year a consortium backed by Stroll led a £536m bid for the luxury carmaker, which has struggled since listing in October 2018. The raise, which gave Stroll 25 per cent of the company, was part of Aston Martin’s reset strategy over the coming financial year.

The firm said trading remains “challenging”, with its site at Gaydon, Warwickshire set to resume manufacturing at the end of August — later than originally planned.

David Madden, market analyst at CMC markets said: “The poor numbers are hardly surprising in light of the disruption caused to logistics, manufacturing and sales because of the pandemic.

“The company was under pressure for some time before the Covid-19 crisis, so the pandemic really compounded the group’s problems.”