Aston Martin Lagonda has pledged to turn a profit by 2025 – at least before paying interest on its ballooning debt – with Adrian Hallmark, its new chief executive, promising a fresh era of operational discipline and financial accountability after a period of mounting losses and leadership upheaval.
Hallmark, 62, who joined the Gaydon-based manufacturer last September following a stint at Bentley Motors in Crewe, said his focus would be on fixing production glitches, cutting costs, and ensuring the company’s new model launches are not hampered by supply chain woes.
“We are determined to deliver operational excellence,” Hallmark said. “We expect to see a material improvement in financial performance.”
The push for lower costs includes a 5 per cent reduction in its 3,400-strong workforce, cutting 170 roles at an average annual salary of nearly £150,000, yielding around £25 million in savings. Investors had shown renewed optimism in recent weeks, driving the share price up by about a fifth. However, jitters returned on Wednesday, with the stock losing all those gains and shedding more than 10 per cent in morning trade—valuing the marque at roughly £930 million, far below its 2018 flotation figure of £4.3 billion.
Hallmark’s first full-year results reveal a company still blighted by deep losses. Fourth-quarter sales of 2,391 sports cars were 8 per cent higher, but a focus on selling more lower-priced models—plus discounts—meant revenue slipped 1 per cent to £589 million, shrinking the gross profit margin from 45 per cent to 35 per cent.
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