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Aston Martin Lagonda H1 Loss Widens, Trading Challenging; Stock Up

Aston Martin Lagonda Global Holdings plc (AML.L), a luxury sports car manufacturer, reported Wednesday that its first-half loss before tax widened to 227.4 million pounds from last year's loss of 80 million pounds.

Operating loss was 159.3 million pounds , wider than loss of 38.9 million pounds a year ago.

Adjusted operating loss was 145.5 million pounds, compared to loss of 36.4 million pounds last year. Adjusted EBITDA was negative 89 million pounds, compared to positive 20.8 million pounds a year earlier.

Revenue for the period fell 64 percent to 146 million pounds from 406 million pounds last year.

Total retail sales were 1,770 cars, down 41 percent from 2,996 cars last year. Total wholesales were 895 cars, down 63 percent from the prior year Covid-19 impacted dealer operations, the company noted.

Looking ahead, the company said its trading remains challenging in many markets and the pace of emergence from lockdown and consumer recovery varies significantly. This will impact the duration of the dealer de-stocking process for sports cars, currently expected to continue well into 2021.

In London, Aston Martin shares were trading at 51.40 pence, up 3.67 percent.

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