London, February 27, 2025, (Oilandgaspress) –– Delivered significant H2 2024 wholesale volume growth, up 10% compared to H2 2023, reflecting the planned timing of new model launches. This supported strong growth in financial performance in H2 2024 compared with H1 2024, despite the revision to volumes impacting Q4 2024:
FY 2024 wholesale volumes decreased 9% to 6,030 (FY 2023: 6,620) impacted by the timing of new model launches, supply chain disruptions and weaker macroeconomic environment in China
Q4 2024 wholesale volumes increased 8% to 2,391 (Q4 2023: 2,222) reflecting deliveries from the entirely new core product range for the first time
· FY 2024 revenue decreased 3% to £1,584m (FY 2023: £1,633m) reflecting the lower year on year volumes and FX headwinds as sterling strengthened against major currencies in FY 2024 compared to FY 2023. There was significant improvement in H2 2024 compared to H1 2024:
Record total ASP reflects significant contribution from Valkyrie, Valour and Valiant Specials:
FY 2024 total ASP of £245k, up 6% (FY 2023: £231k) driven by a higher year-on-year number of Specials
Q4 2024 total ASP of £236k, down 7% (Q4 2023: £255k) reflecting fewer Specials year-on-year
Core ASP declined, partly due to material FX headwinds, but included positive contribution from the new model range and options growth:
FY 2024 core ASP of £177k, down 6% (FY 2023: £188k) while contribution to core revenue from options increased 310 basis points to 18% (FY 2023: 15%)
Q4 2024 core ASP of £175k, down 11% (Q4 2023: £196k) reflecting a shift in the mix of models with significantly higher Vantage volumes compared to the prior year period due to the timing of new model launches
· FY 2024 gross profit decreased 9% to £584m (FY 2023: £639m) and gross margin decreased by 220 basis points to 37% (FY 2023: 39%); reflecting impact of portfolio transition, phasing of product mix and volume, and FX headwinds, partially offset by increase in Specials volume:
Q4 2024 gross profit decreased by 23% to £207m (Q4 2023: £268m) and gross margin at 35% (Q4 2023: 45%) reflecting mix of core vehicles and fewer Specials
· FY 2024 adjusted EBITDA2 decreased 11% to £271m, in line with revised guidance following volume revision (FY 2023: £306m); adjusted EBITDA margin of 17% (FY 2023: 19%), reflecting lower core volumes during portfolio transition period:
FY 2024 adjusted operating expenses (excluding D&A) decreased £20m to £313m with Q4 2024 being £45m lower than Q4 2023
· FY 2024 adjusted EBIT loss of £83m was broadly flat compared with the prior year (FY 2023: loss £80m) despite the impact of gross profit, largely reflecting a decrease in D&A of 8% to £354m (FY 2023: £386m); H2 2024 adjusted EBIT increased 143% year-on-year to £17m (H2 2023: £7m)
· FY 2024 operating loss decreased by 11% to £100m (FY 2023: £111m loss)
· FY 2024 free cash outflow2 of £392m (FY 2023: £360m outflow) included Q4 2024 free cash inflow of £2m (Q4 2023: £63m outflow) with:
- Net cash inflow from operating activities of £124m (FY 2023: £146m cash inflow)
- Net cash interest paid of £115m (FY 2023: £109m)
- Broadly flat capital expenditure of £401m (FY 2023: £397m)
- Working capital outflow of £118m (FY 2023: £86m outflow), primarily due to the unwinding of customer deposits (£178m outflow in FY 2024 compared with £66m outflow in 2023) on delivery of Specials, and a decrease in payables due to the earlier timing of payments in 2024. Inventories remained broadly flat, with a decrease in receivables following strong collections in Q4 2024.
· Year-end liquidity (cash and available facilities) of £514m (31 December 2023: £393m), in line with guidance, including FY 2024 financing activities
· Net debt at 31 December 2024 of £1,163m (31 December 2023: £814m) primarily reflecting higher gross debt following FY 2024 financing activities and translational impact of foreign exchange movements; adjusted net leverage ratio2 of 4.3x (31 December 2023: 2.7x); remain committed to deleveraging over the medium-term
| £m | FY 2024 | FY 2023 | % change | Q4 2024 | Q4 2023 | % change |
| Total wholesale volumes1 | 6,030 | 6,620 | (9%) | 2,391 | 2,222 | 8% |
| Revenue | 1,583.9 | 1,632.8 | (3%) | 589.3 | 593.3 | (1%) |
| Gross profit | 583.9 | 639.2 | (9%) | 207.0 | 268.4 | (23%) |
| Gross margin (%) | 36.9% | 39.1% | (220 bps) | 35.1% | 45.2% | (1,010 bps) |
| Adjusted EBITDA2 | 271.0 | 305.9 | (11%) | 158.1 | 174.8 | (10%) |
| Adjusted EBIT2 | (82.8) | (79.7) | (4%) | 38.7 | 55.4 | (30%) |
| Operating (loss)/profit | (99.5) | (111.2) | 11% | 33.3 | 34.1 | (2%) |
| (Loss)/profit before tax | (289.1) | (239.8) | (21%) | (60.2) | 20.0 | (401%) |
| Net debt2 | (1,162.7) | (814.3) | (43%) | (1,162.7) | (814.3) | (43%) |
1 Number of vehicles including Specials; 2 For definition of alternative performance measures please see Appendix
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Aston Martin Lagonda Global Holdings plc also announced the appointment of Vicky Jarman as an Independent Non-executive Director, Chair of the Audit & Risk Committee and member of the Nomination and Remuneration Committees. Vicky’s appointment will take effect on 1 March 2025.
