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Aston Martin rockets into first-quarter profit

First time that the British carmaker has made a first-quarter profit in a decade

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Aston Martin has reported record first-quarter profits following strong orders for its all-new DB11 sports car.

The British luxury car maker recorded pre-tax profits of £5.9 million – a stark contrast to the prior-year losses of £29.7 million.

Retail sales are also up 100 per cent against the previous year.

Dr Andy Palmer, Aston Martin president and chief executive officer, said: “The group has made a strong start to the year. We are delivering on our ‘Second Century’ transformation program and building sustainable profitability.

“Forthcoming models including the new Vantage and Vanquish will expand on our recent growth, underpinned by the financial resources and operational discipline of a true British success story in luxury car production.”

Increased unit sales in the UK and Europe were behind a rise in earnings, with wholesale volumes up 75 per cent to 1,203 units year-on-year.

Mark Wilson, executive vice president and chief financial officer, said: “As our operational performance improves, we now have a solid financial platform on which to continue to grow.”

The manufacturer is also expecting revenues to rise to more than £800m in 2017, with annual wholesale volumes predicted to increase by more than 30 per cent on the 3,687 units in 2016.

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