British carmaker Aston Martin eyes London listing

The maker of the famous sports car once favored by secret agent 007 has said it intends to float on the London Stock Exchange. The move would complete a turnaround that has seen the brand return to profitability.

Luxury carmaker Aston Martin on Wednesday set out its plans to float on the London Stock Exchange.

If successful, it would become the first British-based auto manufacturer to be listed in London for years following the sale of iconic brands such as Jaguar, Bentley and Rolls-Royce to foreign owners.

The initial public offering (IPO) could see the firm valued at up to £5 billion ($6.38 billion, €5.46 billion), according to news agency Reuters.

Aston Martin intends to apply for a premium listing in London, with employees and customers able to purchase shares.

Return to profitability

The carmaker had spent years of losing money and only last year turned its first profit since 2010. On Wednesday, it posted half-year adjusted pre-tax earnings of £42 million.

Revenues rose by 8 percent to £445 million due to strong demand for the carmaker’s DB11 coupe and Volante models.

The England-based company said it expected full-year volumes to rise to between 6,200 and 6,400 units. In the medium term, it aims to build close to 10,000 units by 2020.

Source: dw.com