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Aston Martin Lagonda Q1 Loss Widens; CEO Steps Down

Aston Martin Lagonda Global Holdings Plc (AML.L), a British maker of luxury sports cars and grand tourers, on Wednesday posted a significant increase in loss for the first quarter, reflecting a steep rise in operating and net financing expenses.

The company has reaffirmed its long term revenue outlook.

Separately, the company said its Chief Executive Officer Tobias Moers stepped down and Amedeo Felisa, a former CEO of Ferrari will succeed as the new CEO.

For the first quarter of 2022, the British firm reported a loss of 112 million pounds, compared with 41.8 million pounds, reported for the same period last year.

The company's pre-tax loss for the period recorded at 111.6 million pounds as against 42.2 million pounds of last year. Adjusted loss before tax of the firm also climbed up to 109 million pounds, from 47.6 million pounds.

Operating loss was 47.7 million pounds as against 15.3 million pounds of previous fiscal.

The Gaydon-headquartered company's operating expenses, including depreciation & amortization recorded 118.3 million pounds, compared with 78.6 million pounds of the previous fiscal.

Net financing expenses were reported at 63.9 million pounds, versus, 26.9 million pounds, on year-on-year basis.

The Group generated its revenue for the March quarter at 232.7 million pounds, higher than 224.4 million pounds, reported a year ago.

Moving ahead, Aston Martin Lagonda continues to expect to post annual revenue of 2 billion pounds and circa 500 million pounds in adjusted EBITDA by 2024-25.

For the fiscal 2022, the Group confirms to report an adjusted EBITDA margin of350-450bps expansion. For the full year, it continues to project a capex and R&D of around 300 million pounds.

The company has also announced that by a mutual deal its CEO Tobias Moers resigned. He will leave the Board with immediate effect and support transition until the end of July.

Subsequently, the Board has named Amedeo Felisa as chief executive to succeed Moers. A former CEO of Ferrari, Felisa is a notable top executive and engineering professional in the high- performance luxury sports car sector.

Felisa has spent his entire career in automotive and engineering with over 26 years in various leadership roles at Ferrari.

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