Aston Martin executives have said the Kuwait consortium-backed company will float “when the time is right” but opened the prospect of listing in Hong Kong.
The comments were made this week at the company’s manufacturing base in the Midlands – it confirmed 2012 production of up to 150 units of the V12 Zagato road car – and also confirmed it is targeting growth in China, according to the Daily Telegraph.
Hanno Kirner, chief financial officer, said: “We will look at [location] when it comes. There have been some luxury listings in Hong Kong.”
Ulrich Bez, chief executive, said: “We are of British origin, but we are a global company. We are not limited to England.”
Aston Martin, whose cars have famously appeared in James Bond films and are regularly used by Prince Charles, was acquired by a Kuwait-backed private equity consortium from Ford for GBP500m in 2007.
David Richards, the former Formula 1 team boss and now Aston Martin chairman, was the figurehead for the bid and has previously said the company could float with a value of more than GBP1bn. Management have now confirmed this is a realistic prospect.
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By GlobalData“We will be ready when the time is right,” Bez told the Daily Telegraph. “We won’t go for it in four weeks, but in a decent distance we will be ready.”
Kirner insisted there are no plans yet for a “specific listing in a specific place”. Advisers are yet to be appointed.
In the last financial year, sales were 4,156units for revenues of GBP£474m. Earnings before interest and tax rose from GBP22m to GBP31m.
Aston Martin now sells only 30% of its cars in the UK compared to over 80% 10 years ago.
Bez said China has “huge potential” and Aston Martin expects to “imminently” win an import licence to sell in the country. It hopes to sell 200 to 300 models this year and will expand to 12 dealers by next year. Aston Martin believes emerging markets could contribute 25% of sales.