Luxury carmaker Aston Martin today posted better-than-expected first-quarter revenue as it sold more vehicles in the Americas and China, but higher costs to push expansion led to a loss in the period.
The car maker, which floated on the London Stock Exchange last year, has been plagued by higher costs as it invests more in its manufacturing plants and expands vehicle offerings.
It has also tacked on more expenses for contingencies put in place to tackle industry-wide Brexit uncertainties.
"We remain conscious of the challenging external environment in certain of our markets and we have taken this into account in our planning whilst ensuring we do not compromise on delivery," chief executive Andy Palmer said while affirming full-year prospects.
The company's third ever report card showed wholesale vehicle sales in China surged 29% in the three months ended March 31, and the Americas jumped 20%, offsetting weakness in the UK and Europe.
"This performance reflects the higher than usual dealer inventory levels at the start of the year, particularly in the UK and Europe given the late December deliveries due to Q4 supply chain disruption," it said.
Revenue rose 6% to £196m, compared with an company-supplied consensus estimate of £191.4m.
However, it reported an adjusted operating loss of £2.2m, compared with a profit of £22m a year earlier.
