Aston Martin to ‘reset’ the company following losses
New models will be introduced
Aston Martin slumped to a £36.7 million operating loss and said its chief financial officer would be leaving as it attempts to use 2020 to “reset” the business.
The luxury car maker announced a 9% year-on-year revenue decline to £997.3m.
It said this led to severe liquidity pressures, higher year-end net debt of £876m and significantly increased adjusted leverage to 7.3x.
As announced last month, it is proposing an equity fundraising of £500m to improve liquidity, stabilise the balance sheet and provide a platform for the future. There will be a £317m rights issue as part of the deal.
The equity raise includes a proposed investment of £182m from a consortium led by Canadian billionaire Lawrence Stroll who has taken a 20% stake and will become executive chairman.
The company said: “2020 is the year in which the business will be reset in order that it can start to operate as a true luxury car brand. This process is absolutely necessary for the long-term performance and value of the company.”
Mark Wilson will step down as chief financial officer and from the board by mutual agreement no later than 30 April. He will remain available to the company through to 30 June.