Capital.com NewsPrestige car maker Aston Martin made a £104.3m (€123.2m, $134.9m) pre-tax loss last year as revenues fell 9 per cent to £997.3m.
Andy Palmer, chief executive of the 100-year-old Warwickshire-based business, said 2019 was extremely challenging for the company, which led to the 53 per cent drop. “This performance led to severe liquidity pressures [and] higher year-end net debt of £876m," he said.
"With our revised plan and appropriate funding in place, I believe we will have the building blocks in place to secure the necessary financial turnaround of the business consistent with our position as a luxury automotive company."
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That funding is down to Canadian billionaire and F1 tycoon Lawrence Stroll last month giving Aston Martin a lifeline. He led a consortium, that includes JCB, that took a 16.7 per cent stake in the firm for £182m and setting in motion a £318m rights issue. Stroll is to become executive chairman.
Aston Martin is due to launch two new models later this year, the DBX and Vantage Roadster but the firm said its supply chain is being impacted by the coronavirus.
Customer demand in China is also being affected; last year that country accounted for 9 per cent of sales, having risen by 28 per cent.
Aston Martin shares fell more than 11pc to 345p in early trading, continuing a trend that has seen some 60 per cent wiped of their value since July.
