StockMarketWire.com - Sports car maker Aston Martin Lagonda narrowed first-half losses as sales bounced back, while claiming that it was making progress on its turnaround strategy.

Pre-tax losses for the six months through June amounted to £90.7 million, compared to year-on-year losses of £227.4 million.

Revenue more than tripled to £498.8 million, up from £146.0 million year-on-year.

Aston Martin stuck to its medium-term goal of delivering around £2 billion in revenue and £500 million of adjusted earnings by the 2025 financial year.

'The uncertainty surrounding the duration and impact of the pandemic on the global economy continues, with the pace of emergence from lockdown and recovery in consumer demand varying significantly across geographies,' it said.

Still, the company said its expectations for the full year remained substantially unchanged, except for allowing for the £15 million impact from legal costs announced in June.

'We have performed well in the first half of the year as we continue to deliver results in-line with our plans to improve profitability,' chief executive Tobias Moers said.

'Demand and pricing dynamics remain strong and I am particularly pleased that we are now operating with the right supply to demand balance for our products, earlier than we had originally expected.'

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