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Aston Martin's profits rise as sales double

Aston Martin's profits rise as sales double
FILE PHOTO: The Aston Martin Lagonda Vision Concept car is pictured during the 88th Geneva International Motor Show in Geneva, Switzerland, March 6, 2018. REUTERS/Denis Balibouse/File Photo GLOBAL BUSINESS WEEK AHEAD   -   Copyright  Denis Balibouse(Reuters)
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LONDON (Reuters) – Aston Martin’s <AML.L> third-quarter profit before tax rose to 3.1 million pounds as the newly listed carmaker continues a growth plan which saw its volumes double.

The luxury brand, which last month became the first British carmaker in decades to float on the London Stock Exchange, said it expected full-year sales to come in at the top end of expectations at up to 6,400 vehicles.

Total volumes increased 99 percent to 1,776 vehicles, helped by a 185 percent increase in the Americas and a 133 percent increase in Asia Pacific, leading to an 81 percent increase in revenue to 282 million pounds.

But Britain’s car industry, which employs some 850,000 people and has been one of the few manufacturing success stories since the 1980S, has warned that border delays and red-tape resulting from a disorderly Brexit would disrupt production.

Aston is already taking a number of steps to prepare for any eventuality including building up more components and considering plans to fly in parts and change the ports it uses.

British Prime Minister Theresa May won the backing of her senior ministers for a draft European Union divorce deal on Wednesday, freeing her to tackle the much more perilous struggle of getting parliament to approve the agreement.

The government hopes businesses will back her agreement.

Aston also said on Thursday that it was making progress towards opening its second British factory next year which will build its first sport utility vehicle.

(Reporting by Costas Pitas; editing by James Davey)

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