Aston Martin shares have lost nearly £3 billion in market value since their listing BENGALURU: Aston Martin warned its annual profit would almost halve as tough trading conditions continued through its peak month of December, sending the luxury carmaker’s shares down about 12 percent. Tuesday’s warning is the latest from the British company, whose shares have plunged about three quarters in value since their 2018 listing. The 106-year-old firm, famed for being fictional agent James Bond’s brand of choice, cut its forecast for wholesale volumes and profit margins in July, and reduced its volume forecast again in November, citing weak UK and European markets and subdued demand for its Vantage model. Aston Martin said on Tuesday tough conditions continued through December, leading to a 7 percent drop in wholesale volumes for the year, with Europe underperforming the rest of its markets. It expects 2019 adjusted earnings before interest, tax, depreciation and amortization (EBITDA) of between £130 million and £140 million, compared with £247.3 million ($325 million) a year earlier. “From a trading perspective, 2019 has been a very disappointing year,” CEO Andy Palmer said, adding the company now expected an adjusted EBITDA margin of 12.5 percent to 13.5 percent in 2019, down from 22.6 percent in 2018. While the global auto industry is suffering, some upmarket brands have bucked the trend. BMW’s Rolls-Royce reported a 25 percent jump in sales for last year, while Volkswagen’s Bentley saw a 5 percent rise. Aston Martin said it was reviewing its planning for 2020, which includes a cost cutting program, and added it was still in talks with investors for a potential equity investment. Its retail sales grew 12 percent in 2019, helped by a reasonably good performance in the UK. “Since the election, we have a great degree of certainty, which is certainly welcome,” Palmer said, referring to a sweeping victory by British Prime Minister Boris Johnson’s Conservatives in a national election on Dec. 12.