Aston Martin shares race to new highs on FTSE 250 following Grand Prix win
Shares in Aston Martin have raced to new highs on the FTSE 250 this morning, building on from the luxury car maker’s 26 per cent revenue increase last week and third place win in the opening of the F1 Grand Prix on Sunday.
Aston Martin took the lead on the FTSE 250 on Monday morning with shares reaching as high as 22 per cent, after the motor firm revealed it was on track to make around £2bn in revenue by 2024/25.
The surge in sales comes despite Aston Martin seeing a full-year loss of £118m, growing from a loss of £74.3m year-on-year, as the group battled cost inflation, delivery delays and supply chain bottlenecks post pandemic.
Moreover, the car maker said at the time that its “ultra luxury” strategy was working and reported demand across its portfolio, with 80 per cent of its current range GT/Sports sold out for 2023 ahead of upcoming launches.
Speaking at the time, Victoria Scholar, head of investment at interactive investor said: “Although Aston Martin had a tough 2022, the stock has enjoyed a strong start to this year, rallying by more than 40% since the beginning of January including a double-digit percentage surge today.
“Aston Martin Lagonda is in fact the best performing stock on the FTSE 250 over a 3-month period. Analysts appear to be increasingly optimistic towards the stock with a series of price target upgrades from JPMorgan, Barclays, and Citigroup this year.”