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Aston Martin issues another profit warning for FY'19

Aston Martin Lagonda Global Holdings PLC shares fell 16.47% to close at £4.35 after the company issued its second profit warning for fiscal 2019.

The luxury-car maker expects its 2019 adjusted EBITDA to be in the range of £130 million to £140 million and margins between 12.5% and 13.5%.

Aston Martin, which went public in 2018 at £19 per share, previously issued a profit warning in July 2019.

The company also noted that it expects to draw an additional $100 million of April 2022 notes in the next four weeks.

The company's core wholesales declined 7% year over year to 5,809 during the year. Aston Martin said the company performed broadly in line with its expectations in the Americas, the U.K. and the Asia-Pacific region, while it underperformed in Europe. Meanwhile, Aston Martin posted a 12% year-over-year increase in its core retail sales.

"From a trading perspective, 2019 has been a very disappointing year. Whilst retails have grown by 12%, our best result since 2007, our underlying performance will fail to deliver the profits we planned, despite a reduction in dealer stock levels," said Aston Martin Lagonda President and group CEO Andy Palmer.

The British automaker, which is in talks with potential investors to raise funds, posted a loss for the third quarter of 2019.