Sports car maker Aston Martin crashed back into profit last year, selling over 5000 vehicles at a profit of £87 million.
The carmaker made was its first annual profit since 2010 last year, recovering from the £163 million loss reported in 2016. Revenue jumped 48 percent over the course of the year to £876 million, with its flagship DB11 model pushing sales to a nine-year high.
The group pulled in £243.8 million of cash during the year, twice the amount brought in the year before, generating £64.8 million of profit in what was the best three-month quarter in its history. Revenues for the period hit £309.2 million.
The figures could be taken as proof that CEO Andy Palmer’s turnaround plan may be beginning to take effect, after vowing to broaden the group’s model range and quadruple volumes in order to get the company back on track.
Mr Palmer also confirmed that the group is considering a public offering as part of a “range of strategic options for the future of the group” that are under consideration.
“The turnround is done”, Palmer said, “Now it’s all about growth.”