Aston Martin reports third-quarter losses

Aston Martin has reported a pre-tax loss of £13.5m in the third quarter of 2019 compared to a profit of £3.1m in 2018. Revenues were 11% down on last year’s figures while deliveries have fallen 16%.

These figures mean that over the first nine months of the year is has recorded a pre-tax loss of £92.3m compared to profits of £23.9 in the same period during 2018.

The company has blamed weak demand for sports cars across the world, and said it is planning to cut costs.

Chief executive Andy Palmer said: “Notwithstanding a growing market share, Vantage demand remains weaker than our original plans. As a consequence, total wholesale volumes are down year-on-year as we balance growth, brand positioning and dealer inventories.

“We see pressure on volumes continuing into the end of the year and now expect total wholesales to be lower than previously guided, but within the range of market expectations.”

Meanwhile, shares have declined 78% from an initial public offering price of 19 pounds in October last year.