British sports car manufacturer Aston Martin Lagonda reported an increase in pre-tax loss in the first half of 2022 due to the negative effect of changes in exchange rates.

The company’s pre-tax loss in the reporting period was 285.4 million pounds ($347.6 million), compared with a loss of 90.7 million pounds a year earlier.

Fluctuations in the currency market lowered the figure by 134 million pounds.

Adjusted EBITDA, meanwhile, rose 20% to £59m.

The company’s revenue increased by 9% to 541.7 million pounds.

Wholesale deliveries of cars in January-June decreased by 8%, but the company managed to neutralize the decline by raising prices.

The company still expects a positive free cash flow in the second half of the year and sticks to a medium-term forecast that by 2025 its annual car sales will reach 10,000, revenues of 2 billion pounds, and adjusted EBITDA of 500 million pounds.

Since the beginning of 2022, the capitalization of Aston Martin has collapsed almost three times, to 535.7 million pounds.