The legendary sports car company Aston Martin has posted a first-quarter profit for the first time in a decade as it posted strong acceleration in sales.
In an announcement the giant company revealed that it managed a pre-tax profit of £5.9m for the three months to March after impressive sales of its new DB11 model launched late last year. Aston Martin’s revenues more than doubled to £188m during the 3 month period.
The company, based in Gaydon, Warwickshire, which has made an annual loss for each of the past six years, was sold by Ford in 2007 to Italian and Kuwaiti investment firms.
Also the sports car maker company has files bankruptcy seven times in its history. Aston Martin managed to sell just 3,687 cars last year, but hopes that its latest models will surge sales by more than 30% in 2017.
“The amount of customers who are buying these cars… has doubled year on year,” said Mark Wilson, the chief financial officer.
“We’re now in an area and an environment where we are generating demand in excess of supply.”
In the meantime Aston Martin said it was still thinking about touching the electric car market. In 2016, it revealed a joint venture with LeEco, the Chinese backer of the electric car start-up Faraday Future.
Furthermore the giant’s president and chief executive, Andy Palmer, said the turnaround hinted a sturdy start to the group’s “Second Century” plan, including new Vantage and Vanquish sports cars in the next two years.