Aston Martin has warned its annual profit would almost halve as tough trading conditions continued during its peak month of December, sending the luxury carmaker's shares down about 12%.
Today's warning is the latest from the British company, whose shares have plunged about three quarters in value since their 2018 listing.
The 106-year-old firm, famed for being fictional agent James Bond's brand of choice, cut its forecast for wholesale volumes and profit margins in July.
It reduced its volume forecast again in November, citing weak UK and European markets and subdued demand for its Vantage model.
Aston Martin said today that tough conditions continued through December, leading to a 7% drop in wholesale volumes for the year, with Europe underperforming the rest of its markets.
It expects 2019 adjusted earnings before interest, tax, depreciation and amortization (EBITDA) of between £130-140m, compared with £247.3m a year earlier.
"From a trading perspective, 2019 has been a very disappointing year," chief executive Andy Palmer said, adding the company now expected an adjusted EBITDA margin of 12.5% to 13.5% in 2019, down from 22.6% in 2018.
While the global auto industry is suffering, some upmarket brands have bucked the trend.
BMW's Rolls-Royce reported a 25% jump in sales for last year, while Volkswagen's Bentley saw a 5% rise.
Aston Martin said it was reviewing its planning for 2020, which includes a cost cutting programme, and added it was still in talks with investors for a potential equity investment.
Its retail sales grew 12% in 2019, helped by a reasonably good performance in the UK.
"Since the election, we have a great degree of certainty, which is certainly welcome," Palmer told Reuters, referring to a sweeping victory by British Prime Minister Boris Johnson's Conservatives in a national election on December 12.
Aston Martin shares have lost nearly £3 billion in market value since their listing.
