Wed, Aug 29, 2018 8:34 PM
Classic British car brand, Aston Martin, has announced its intention to float on the London Stock Exchange following a sustained period of profitability.
The company, which has been valued at £5 billion by some analysts, has been rumoured to be going public for a number of years since being sold by Ford in 2008.
Aston Martin has announced revenues increased by 14 per cent in the first half of 2018 and with new cars such as the DB11 and Vantage being developed alongside ‘continuation’ projects, the company made a profit last year, the first since 2010.
"Today's announcement represents a key milestone in the history of the company, which is reporting strong financial results and increased global demand for its award-winning sports cars,” Aston Martin CEO Andy Palmer said in a statement. “As we continue to execute our Second Century plan, combining a product offensive and expanding manufacturing footprint, we have the resources and balance sheet strength to continue delivering on our growth strategy.”
It’s expected that 25 per cent of Aston Martin’s stock will be made public, though Daimler will retain a five per cent stake in the business.
Aston Martin’s Second Century plan has seen plans for a new factory in Wales to produce the DBX crossover, whilst there will also be seven new models launched over the next seven years.
Executives will be hoping that the floatation will be as successful as Ferrari’s recent venture on the New York Stock Exchange, which saw the company’s value double in less than a year.