New DB11 drives Aston Martin to a record Q1 profit
For the first time in a decade, Aston Martin has posted a first-quarter profit, with the new DB11 driving sales.
The British sports car maker reported that it had made a pre-tax profit of £5.9 million between January and March, propped up by a high number of sales of its new DB11 model that was launched in late 2016.
This saw revenues more than double to £188 million during those first three months.
For the past six years, Aston Martin has posted an annual loss. In 2007, the British firm was sold by Ford to investment firms from Italy and Kuwait.
Over the course of its 104-year history, the iconic company has gone bankrupt a total of seven times.
Aston Martin is expecting to see sales rise by more than 30 per cent in 2017 to nearly 4,800 vehicles, after it managed to sell just 3,687 cars last year.
Talking to the Guardian, Aston Martin's chief financial officer Mark Wilson said: "The car that has really kick-started the turnaround is the DB11.
"That car itself has a waiting list that takes you through this year. You're hard-pressed to find a DB11 V12 anywhere in the globe that you can lay your hands on."
Andy Palmer, Aston Martin's president and CEO, believes the boost in sales showcased a strong start to the company's "Second Century" plan – which will see a range of new models introduced in the next two years.
These include new versions of the Vantage and Vanquish sports cars, as well as a DBX SUV that will be constructed at the firm's new manufacturing facility in south Wales.