Aston Martin has confirmed plans for an initial price offering (IPO) in London, which could fetch it a market valuation as high as £5bn.

The announcement, which confirmed a number of reports over past days, came along interim results for the first half of the year. Revenues were up 8% year-on-year to £445m, with adjusted underlying profits rising 14% to £106m. The group put revenue guidance at £884m for 2018.

The company saw a slight decline in deliveries from its 2,439 mark in H1 2017, but is following through with its plan to expand its portfolio. It will also relaunch the Lagonda brand as a luxury electric car range, potentially putting it in competition with Tesla, Volkswagen’s Porsche, Volvo’s Polestar and Jaguar.

The seven-times-bankrupt company, which last year booked its first profit since 2010, plans to use proceeds from the IPO to fund manufacturing expansion. It plans to sell as many as 10,000 units globally by 2020, four times current levels.

When I started in 1979 there were lots of British car companies. Over the course of my career those have disappeared. Car making in the UK is in a healthy state, but companies are foreign owned. Now we will have an independent British car company again,” chief executive Andy Palmer told the Financial Times.

Palmer said he did not have particular concerns around Brexit-related tariffs, or measures against the European carmaking industry by the Trump administration, and said that the company would adjust supply to different markets accordingly, and that most of its customers would be able to afford an eventual price hike.

Palmer added the company was increasingly looking to Asia as a driver of sales.

Aston Martin finances hire purchase on new cars through BMW Financial Services and its Alphera division. Another British sports car maker and rival to Aston Martin, McLaren, recently switched its financing agreement from JBR Capital to Santander Consumer Finance.