Flotation costs hit Aston Martin profits but sales motor ahead

The brand will be forever associated with James Bond. Picture: John Stillwell/PA

Sports car maker Aston Martin Lagonda has revealed plans to set aside up to £30 million to help it weather Brexit disruption as it posted a £68.2m annual loss.

The maker of motors favoured by spy James Bond said its board had given the go-ahead for the fund as it steps up contingency planning for a possible no-deal Brexit.

In its first set of annual results since floating last October, the firm added it was taking action to “mitigate the impact on the business from potential supply chain disruption should the UK withdraw from the European Union without an agreement or in an unstructured manner”.

The comments came as it reported the pre-tax losses for 2018, against profits of £85m in 2017, due to costs relating to its stock market debut.

The results showed a 26 per cent rise in wholesale car sales by volume to 6,441, while revenues rose 25 per cent to £1.1 billion. It aims to increase wholesale volumes to between 7,100 and 7,300 in 2019.

Andy Palmer, Aston Martin Lagonda president and group chief executive, said: “2018 was an outstanding year for Aston Martin Lagonda, delivering strong growth, with improving revenues, unit sales and adjusted profits.

“As the UK’s only listed luxury automotive group, we have demonstrated our legitimacy in the global luxury market.”

He added the group was navigating “uncertainties and disruption impacting the wider auto industry”.