Aston Martin boss: Leaving’s good for us
THE boss of Aston Martin said Brexit has been ‘helpful’ as his firm accelerated to record half-year profits of £21.1million.
Chief executive Dr Andy Palmer said earlier losses had been reversed thanks to booming sales of the £155,000 DB11 and a series of special edition models, with 0 per cent of vehicles being exported. The average selling price rose 25 per cent to £149,000 as rich customers added more extras.
He said the firm planned ahead in case of a Brexit vote and a weaker pound by increasing sales to America – but UK sales had also held up well, creating what he described as a ‘double benefit’. He explained: ‘Brexit so far has been helpful. We planned for it. Most companies assumed we’d remain in Europe, so not many had a Plan B. We did. We calculated that if the vote was to leave, the pound would devalue to around $1.30, and it did. That weaker pound makes our exports cheaper in the US.
‘We took the windfall and boosted our marketing in the US ... Our sales in the UK are also holding up. We’ve had a double benefit.’
Revenues over the last 12 months now exceed $1billion (£776million) for the first time in the company’s history.
The firm, in Gaydon, Warwickshire, employs 1,673 and is opening a plant in South Wales that will employ up to 750.