Aston Martin Lagonda's new CEO, Adrian Hallmark, has set a goal to achieve profitability by 2025. He emphasizes the need for operational discipline and financial accountability to address the company's significant recent losses and leadership changes. Hallmark plans to eliminate production issues, reduce costs, and navigate supply chain obstacles affecting new model launches. As part of cost-cutting, the company will reduce its workforce by 5%, aiming for savings of around £25 million. Although the stock price saw early optimism, it faced a notable decline amidst the financial struggles outlined in the recent results.
We are determined to deliver operational excellence. We expect to see a material improvement in financial performance.
The push for lower costs includes a 5 per cent reduction in its 3,400-strong workforce, cutting 170 roles at an average annual salary of nearly £150,000.
However, jitters returned on Wednesday, with the stock losing all those gains and shedding more than 10 per cent in morning trade.
Operating profits of £33 million were obliterated by £93 million in interest payments on Aston Martin's £1.16 billion debt.
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