Aston Martin 'turnaround on track' despite losses

Aston Martin Lagonda has laid bare the scale of its challenge to turn around its fortunes after recording worse-than-expected losses.

The luxury carmaker saw pre-tax losses widen to £88.7 million in its second quarter from £61.2 million a year ago, leaving it slumping in the red by £154.2 million overall in the first half.

Underlying operating losses narrowed to £52 million in the second quarter from £57 million a year ago, but the numbers were still worse than forecast.

The group said it has seen a “materially improved” first-half performance and cheered the sale of 220 of its new Valhalla plug-in hybrid supercar, with orders set to ramp up further in the final six months.

Revenues in the first half jumped 38 per cent to £628.6 million, with wholesale sales by volume up 21 per cent.

Adrian Hallmark, Aston Martin chief executive, said: “First half 2026 demonstrates that we are on track to deliver material financial improvement this year compared with 2025.

“We expect an even stronger second half, as transformation benefits flow through.”

The group has been knocked by rising tariffs in the US and higher taxes on luxury cars in China, while it has also turned to lenders for more funding to help shore up its balance sheet, alongside a cost-cutting programme.

It last week agreed a £550 million debt funding deal from BlackRock-owned HPS Investment Partners, having already secured more than £600 million from chairman and biggest shareholder Lawrence Stroll since he took control of the firm.

The group added the Middle East conflict was another headache.

The business earlier this year announced up to nearly 600 jobs would be cut.

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