Record revenue delivered by JLR
Luxury car maker JLR has achieved record revenue in the first nine months of its financial year.
The £21.1 billion for the Jaguar and Land Rover manufacturer was up 35 per cent on the year and included £7.4bn in the third quarter, which was up 22 per cent on a year earlier.
Pre-tax profit for the three months to the end of December was £627 million – JLR's highest quarterly profit since the final quarter of 2016-2017 – and up from £265ma year earlier.
The profit for the nine months is at £1.5bn and the higher profitability year-on-year reflects favourable volumes and reduced chip costs, offset partially by unfavourable fixed marketing, administration and foreign exchange revaluation compared to a year ago.
JLR, which has its Electric Propulsion Manufacturing Centre at the i54 to the north of Wolverhampton, is continuing its transformation of plants for electric vehicle production.
The production lines for electric drive unit manufacture at Wolverhampton is said to be progressing well.
JLR said it also enjoyed record quarterly Range Rover wholesales and that Range Rover Electric is generating strong interest with over 16,000 sign ups to the waiting list since opening.
Range Rover Electric prototypes are being tested on the road while electric medium-size SUV prototypes and new Jaguar prototypes are in development.
Sales of the highest specification Range Rover SV with an average price of £202,000, are growing year-on-year with 3,637 year-to-date sales already surpassing 1,909 Range Rover SV sold in 2022-2023
Chief executive Adrian Mardell said: "We have delivered a further outstanding financial performance in quarter three, with our best quarterly profit for seven years and our highest ever revenue for the first nine months of a financial year.
"Sales of our modern luxury vehicles hit new records in the quarter, and we are excited about the strong client interest for our soon to launch Range Rover Electric.
"I must attribute these results to our talented and dedicated people, who work relentlessly to bring our exceptional modern luxury cars to the market.
"Looking ahead, we are mindful of the challenges the business will face but we are confident that we will continue to successfully deliver our Reimagine Strategy."
Richard Molyneux, the chief financial officer, added: "I am very pleased with our strong financial results this quarter and year to date, with record free cash flow reducing our net debt to £1.6bn."
Looking ahead, the company says it is on track to achieve its profitability and cashflow targets.
