Full Year 2024 Aston Martin Lagonda Global Holdings PLC Earnings Call Transcript
Key Points
- Aston Martin Lagonda Global Holdings PLC (AMGDF) has completed the most intensive period of product development in its history, resulting in a fully reinvigorated core product portfolio.
- The company has received significant acclaim for its models, consistently outperforming competitors in independent road tests.
- Aston Martin Lagonda Global Holdings PLC (AMGDF) has made substantial improvements in customer experience, including opening new retail locations and enhancing its performance credentials through high-profile racing involvement.
- The company has been recognized with the King's Award for innovation and a new royal warrant by appointment to His Majesty King Charles III.
- Aston Martin Lagonda Global Holdings PLC (AMGDF) ended 2024 with total liquidity of over GBP500 million, aligning with its guidance to support future growth strategies.
- The company faced industry-wide supply chain disruptions and a weaker macroeconomic environment, particularly in China, affecting volumes and financial performance.
- Aston Martin Lagonda Global Holdings PLC (AMGDF) announced a circa 1,000-unit reduction in wholesale volumes due to external challenges and internal production reshaping.
- Despite operational achievements, the company did not deliver the financial performance originally set for 2024.
- The company is undergoing organizational adjustments, resulting in the departure of around 170 employees, representing 5% of its global workforce.
- The company experienced a decrease in total wholesales by 9% and a revenue decrease by 3% year on year, reflecting lower volumes and FX headwinds.
So good morning, everyone, and thank you for joining us today for Aston Martin's '24 financial year results presentation. It's a pleasure to be here for my first full year results as CEO of this company. And I wanted to start by recognizing what has been the most intensive period of product development in Aston Martin's history.
There's been a huge amount of investment and work put in by everyone in the company over the past few years, and pleasingly, we can now boast a fully reinvigorated core product portfolio, which is one of the most diverse, dynamic, and desirable in our segment in the high luxury performance segment.
Hopefully, you enjoyed seeing the whole video at the start of the presentation from our Vanquish media launch event in Sardinia last year. We showcased this flagship V12 in action. It completed our product launches in 2024. And together with this, the multi award winning models continue to receive acclaim from customers and the media.
And perhaps for the
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