Cash-crunched Aston Martin can only buy time CGAThompson
Luxury British carmaker Aston Martin Lagonda on Jan. 7 warned that its EBITDA for 2019 would nearly halve from the previous year, as weak demand in Europe led to a decline in sales volumes.
Chief Executive Andy Palmer said he expected 2019 adjusted EBITDA of between 130 million pounds and 140 million pounds, compared with 247 million pounds a year earlier. “From a trading perspective, 2019 has been a very disappointing year,” Palmer said, adding that the company projected an adjusted EBITDA margin of 12.5% to 13.5%, down from 22.6% in 2018.
The 106-year-old automaker, famed for being fictional agent James Bond’s brand of choice, had in November highlighted tough trading conditions, particularly in the United Kingdom and Europe.
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