Luxury car manufacturer Aston Martin Lagonda has revealed they are to set aside £30m for Brexit no-deal contingency planning, the car maker posted £68.2m annual losses.
Aston Martin the car favoured by James Bond reported heavy pre-tax losses in 2018, against profits of £85m in 2017. Shares fell 9% on Thursday morning trading, the company warned that underlying earning could be lower for the first half of 2019.
Aston Martin Lagonda posted their first set of annual account since the company floated in October, the car maker said they are taking action to “mitigate the impact on the business from potential supply chain disruption should the UK withdraw from the European Union without an agreement or in an unstructured manner.”
Martin said, “Since our third quarter trading update in November 2018, geopolitical and economic uncertainties have increased.
“In response, we have put contingency plans in place to protect production and customer deliveries should the UK leave the European Union without an agreement or in an unstructured manner.”
Andy Palmer, Aston Martin Lagonda president and group chief executive said, “2018 was an outstanding year for Aston Martin Lagonda, delivering strong growth, with improving revenues, unit sales and adjusted profits.
Palmer added the group was navigating “uncertainties and disruption impacting the wider auto industry.”
