Annual losses at Aston Martin greater than doubled final yr due to prices from delivering its Valkyrie hypercars, overseas trade actions and costly debt.

The posh-car maker posted a pre-tax lack of £495mn for 2022, in comparison with £213.8mn in 2021, although the corporate expects to start producing money this yr. Revenues rose 26 per cent to £1.4bn, whereas automotive gross sales rose 4 per cent to six,412.

The enterprise has been on a turnround programme below the possession of Lawrence Stroll, however has needed to recapitalise a number of instances, together with a closely discounted £576mn rights situation in September that made Saudi Arabia’s Public Funding Fund a shareholder. China’s Geely, which has tried a number of instances to purchase the corporate, additionally took a stake within the enterprise final yr.

The Valkyrie, a £2.5mn automotive that was supposed to be the quickest street automotive ever made, has precipitated numerous issues for Aston Martin and was one of many driving pressure behind the losses.

The corporate collected deposits from clients years in the past, and books a depreciation and amortisation value for each mannequin it delivers.

As well as, Aston mentioned it delivered vehicles to clients whose funds it claims have been stolen by two Swiss automotive sellers. In 2021 Aston sued them, claiming they withheld greater than £10mn, however mentioned it might nonetheless ship the vehicles as promised.

The 2 sellers in flip have sued Aston for £150mn, claiming they’re owed the cash for underwriting the event of the automobile, and two extra sports activities vehicles.

Aston delivered 80 Valkyries throughout the yr, together with 36 within the closing quarter.

Aston’s funds have additionally been hit by its high-interest debt — prices for this have been £139mn throughout the yr. In complete, it collected £127mn from automotive gross sales, however had a money outflow of £299mn, together with £287mn into creating its new line of sports activities vehicles.

It additionally booked a £156mn non-cash readjustment within the worth of its dollar-denominated debt.

The corporate mentioned it expects a “important progress in profitability” this yr following the discharge of latest fashions.