Export boom drives Aston Martin to first profit in seven years

AsToN Martin has powered to its first annual profit since 2010 after a surge in sales in the Us, China and the UK.

The British luxury car giant, which is based in Gaydon, Warwickshire, made an £87m profit last year, reversing a £163m loss the previous year.

The dramatic turnaround in fortunes was driven by a surge in sales around the world – particularly outside the EU.

Despite claims from the motor industry that the Brexit vote has already stunted car sales and manufacturing, the appeal of cars including its core DB11 range ( pictured) proved irresistible for wealthy customers both in the UK and in far flung markets.

The manufacturer sold 5,117 cars, the most it has managed to rack up in nine years. This was up 58pc from 3,229 in 2016. It said this was ‘driven principally by rising demand in North America, the UK and China’. Revenues rose 48pc to a record £876m, following Aston Martin’s bestever quarter in the final three months of last year.

The buoyant results show the firm is reaping the benefits of a global sales push Theresa May on a trade visit to China last month. During the visit, the firm announced a five-year trade and investment drive in China worth over £600m.

Dr Palmer has been more sanguine than some of his peers about Brexit. He has said the fall in the value of the pound has made Aston Martin cars cheaper for overseas buyers.

The return to profit could pave the way for a stock market float next year.