Aston Martin's turnaround goes into £139million reverse

ASTON Martin chairman Lawrence Stroll's turnaround of the luxury car marque has shifted into reverse, after worse-than-expected first-quarter losses of £138.8million.

- Geoff Ho

Aside from pre-tax losses for the three months to the end of March rising by 87%, revenues slowed 10% to £267.7million, while net debt grew 20% to £138.8million.

It also burned more cash than analysts had expected, up 86% to £61.5million.

Additionally, it said wholesale volumes had fallen 26%.

Aston Martin blamed the results on the fact it made fewer cars during the quarter and halted the production of a number of old models ahead of new launches later this year.

Higher manufacturing, logistics and other costs were also a factor.