March 2, 2023: British luxury cars Aston Martin Lagonda indicates better profitability after widening its 2022 pretax casualties on the weak U.K. currency.

The company more than doubled every year pretax losses to £495 million in the previous year, from £213.8 million in 2021, saying revenues were “materially impacted” by a revaluation of the few U.S. dollar-denominated debt, “as the GBP weakened significantly against the U.S. dollar during the year.”

Adjusted operating losses also launched to £118 million last year from £74 million in 2021. Revenues increased by 26% on the year to £1.38 billion, with gross profit increased by 31% every year to £450.7 million.

Despite acknowledging store chain and logistics disruptions pervasive in the automotive industry, notably due to semiconductor shortages, the company stated that its wholesale volumes increased by 4% year-on-year to 6,412. The figure included over 3,200 vehicles from the Aston Martin DBX range, of which over half were driven by the established DX707 SUV model unveiled in the previous year.

Aston Martin Lagonda shares soared, up 14% at 10 a.m. After Aston Martin Lagonda, the London time, they issued more optimistic guidance for this year.

“For 2023, we expect having significant increase in profitability compared to 2022,  driven by an high in volumes and higher gross level in both Core and Special cars,” it said Wednesday, which flags a pick-up in activity in the second half of 2023.

“In addition to the ramp-up of the sold-out DBS 770 Ultimate, we anticipate deliveries of the first of our coming generation of sports cars to commence in Q3.”

The company anticipates wholesale sale volumes to pick up to 7,000 units in 2023, expecting its adjusted revenue before interest, taxes, depreciation and amortization to add nearly 20%.

It stated the ongoing pressures of a volatile operating environment, high inflation prices and “pockets of supply chain disruptions.”

“Our order book’s never been much stronger,” Aston Martin Lagonda Executive Chairman Lawrence Stroll told in the previous month. “The future is fantastic; the cars are arriving, fundamentals of the firm are solid. And demand has never been stronger.”

Stroll on Wednesday reiterated the firm’s target to provide 10,000 wholesale units over the coming years, and the target to become “sustainably free cash flow positive from 2024,” after increasing £654 million of equity capital in a move that saw Saudi Arabia’s Public Investment Fund becoming an anchor shareholder.