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Aston Martin has issued a fresh profit warning (Image: Aston Martin)
British sportscar brand Aston Martin has issued a second profit warning in as many months with the firm now raising cash to stay in the green.
The popular car brand issued new shares and debt totalling a staggering £210million but still expects to turn a profit this year.
The brand has blamed a "minor delay” in the delivery of the luxurious Valiant model as being behind the shortfall in revenue.
However, it is the second profit warning for the much-loved manufacturer in as many months after concerns over profits in September.
At the time, the firm admitted they had noticed a fall in demand for products in China and confirmed they would make 1,000 fewer cars than previously planned.
They brand blamed a 'delay' to Valiant deliveries and falling demand in China (Image: Aston Martin)
Despite this, Aston Martin has told stakeholders they will still turn a profit of around £280million in 2024.
However, the figure is below last year's £305.9m, indicating the struggles for the company in 2024.
Chief executive Adrian Hallmark stressed the group would undertake a "forensic approach" to costs to deliver an "enhanced performance" next year.
He said: "Building on the strength and desirability of Aston Martin's iconic brand, we have clear sustainable growth opportunities for the business.
"As we bring incredible products to market, my focus is on maximising the commercial potential of the company.
"We are already taking decisive actions to better position the group for the future including a more balanced production and delivery profile in the coming quarters.
"Coupled with a forensic approach to cost management and quality, these efforts will deliver enhanced operational and financial performance in 2025 and beyond, as we progress towards our mid-term targets.
"The financing we are undertaking supports our growth and provides the investment to continue with future product innovation."
But Aston Martin has now claimed it only expected to deliver just half of the 38 Valiant models by the end of 2024.
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The uncertainty has caused UK-listed shares in the firm to halve since January.
Aston Martin boss Lawrence Stroll aimed to reassure stakeholders, claiming the brand still offered "long-term value".
He said: "Aston Martin has made huge strategic progress since the Yew Tree Consortium first invested in the company in 2020, transforming our product offering, revitalising our brand and accelerating our business operations forward.
"With the strong backing of Aston Martin's strategic shareholders and the Board, Adrian now leads the company into an exciting 2025 with a stronger and more resilient balance sheet, readying Aston Martin to deliver long-term value for all stakeholders."
English (US) ·