Aston Martin Lagonda Global Holdings PLC (LON:AML) said its revenues dropped by more than two-thirds in the half-year to June due to the coronavirus (COVID-19) pandemic and remedial actions by the luxury carmaker’s new management team.

Canadian billionaire Lawrence Stroll led a refinancing of the group and took over as executive chairman in April with Tobias Moers, formerly with Mercedes, now chief executive.

Aston Martin said the number of cars sold in the half-year fell to 1,770 from 2,996, with average prices also lower as the company moved to clear excess stock held by dealers to restore the brand’s exclusivity.

Around 500 jobs have also been cut as part of the restructuring programme.

Second-quarter sales were down 48% compared to 34% in the first three months as the full impact of COVID-19 was felt, though Aston Martin said early signs from China, where all dealerships were re-opened in June, were encouraging with retail sales up 11% year-on-year in the month.

First-half revenues were £146m, down 68% year-on-year, while the company posted an interim loss of £227mln after operating losses of £159mln.

Stroll said the company had made ‘great progress’ in the first 90 days since he took over but added that there remained much to be done and its new SUV, the DBX, was crucial.

Production of the DBX had restarted and initial deliveries have now been made, he said.

“Also critical to our future is the ability to market and engage with our customers. From next year, we will have the great benefit of a highly competitive Aston Martin branded Formula One team giving us a significant global marketing platform to further strengthen our brand,” the Aston Martin boss added.

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