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Aston Martin Lagonda Posts Wider Adj. Operating Loss In Q3; Revenue Up 33%

Aston Martin Lagonda Global Holdings plc (AML.L) posted a third quarter adjusted operating loss of 55.5 million pounds compared to a loss of 29.1 million pounds, prior year. Adjusted EBITDA was 21.2 million pounds, down 10%.

The Group posted a third quarter loss before tax of 225.9 million pounds, compared to a loss of 97.9 million pounds, previous year. Third quarter revenue was 315.5 million pounds, an increase of 33%.

For the nine months to 30 September 2022, adjusted EBITDA increased by 10% year-on-year to 80 million pounds. Revenue increased by 16% year-on-year to 857 million pounds. Wholesale volumes decreased by 4% year-on-year to 4,060.

For 2022, the Group continues to expect to deliver growth on 2021. The Group continues to expect a significant increase in volumes, profitability and cashflows in fourth quarter.

The Group said it is updating outlook for 2022 to reflect impacts of new supply chain and logistical disruption it has encountered in the second half. The Group now expects total wholesales to be more in-line with current consensus expectations and in the range of 6,200 to 6,600.

"Our third quarter growth was hindered by new supply chain challenges. Although these headwinds, which are already improving in fourth quarter, have disrupted our near-term financial performance and modestly impacted our full year guidance, the medium and long-term outlook is robust," Lawrence Stroll, Executive Chairman of Aston Martin Lagonda said.

The Group said it remains on its pathway to achieving medium-term targets of approximately 10,000 wholesales, approximately 2 billion pounds in revenue and approximately 500 million pounds in adjusted EBITDA by 2024/25.

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