StockMarketWire.com - Luxury carmaker Aston Martin reported wider losses in teh first half of the year as the impact from the pandemic exacerbated a decline in sales.

For the six months ended June 30, pre-tax losses widened to £227.4m from £80m on-year as revenue slumped 64% to £146m.

'It has been a challenging period with our dealers and factories closed due to Covid-19, in addition to aligning our sales with inventory with the associated impact on financial performance as we reposition for future success,' the company said.

Retail sales fell 41%, while wholesales were down 63% on-year.

The company, however, said early signs from China, where all dealerships were re-opened in June, were encouraging with retails up 11% year-on-year in the month.

Looking ahead, Aston Martin said trading remained challenging in many markets and the pace of emergence from lockdown and consumer recovery varied significantly.

'This will impact the duration of the dealer de-stocking process for sports cars, currently expected to continue well into 2021,' it added.


At 8:00am: [LON:AML] Aston Martin Lagonda Global Holdings PLC share price was -1.2p at 48.38p



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