Revenue at luxury car manufacturer Aston Martin has topped the £500 million mark as sales climbed by 13 per cent
The Warwickshire company said today turnover had risen to £519 million in the year to 31 December 2013 while adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) was up by 22 per cent to £84.4 million.
Aston Martin added that global retail volumes had increased by 11 per cent to circa 4,200 and it was embarking on the biggest investment programme in the company's 101-year history.
The results come just a few days after credit rating agency Standard & Poor's downgraded the manufacturer, saying it faced "continued substantial negative free operating cash flow" during 2014 and 2015 due to sizable capital expenditure.
It follows the news in March that Aston Martin had secured a $165 million (£100 million) loan to invest in new models, starting out with the Lagonda SUV, amid plans to target the lucrative Chinese market.
Chief financial officer Hanno Kirner said: "We made excellent progress on a number of fronts in 2013: growing our global sales, improving our EBITDA and building further on the company's strong brand as we celebrated our centenary around the globe.
"We will, in the next few years, be implementing the biggest investment programme in our 101-year history, preparing the ground for new and exciting products in the future.
"Our strong ownership structure and strategic partnership with Daimler AG, finalised in December 2013, provides us with a solid foundation for the unprecedented investment programme that will underpin our future growth."
Referring to the Standard & Poor's downgraded, a company statement said: "We have a clear plan in place and as we are in the investment phase we are currently investing more than we are generating from the operating business. At the end the investment phase we expect significant returns."
Aston Martin was named among eight West Midlands companies and projects in the region to benefit from a share of £31 million from the Government's Regional Growth Fund.