Jaguar Land Rover nets record £13.8bn revenue as marque swings to profit
Jaguar Land Rover swung to profit on Thursday as record revenues drove the marque well into the black.
Pre-tax profits rose over £1.5bn to see Jag to a £887m half-year gain, bolstered by record revenues of £13.8bn up 42 per cent on last year – when the carmaker was hampered by the global chip shortage crisis
Jag’s bumper revenues reflected a near third jump in vehicle deliveries, which sat at 190,070 for the six months to September.
The results continue an exceptional turnaround this year, which saw the company swing to profit for the first time since Covid-19 caused a global shortage of vital semiconductors. Shares are up over 60 per cent this year to date and rose 1.56 per cent this afternoon.
“I am pleased to announce another strong quarter of financial and operational progress for JLR. We have delivered our best ever cashflow in the first half of this financial year and delivered another profitable quarter due to the strength of our financial performance,” Adrian Mardell, Jaguar’s chief executive, said.
“These results demonstrate the huge desirability of our modern luxury product portfolio and the skill of our hard-working teams who have increased production to ensure we can satisfy the substantial demand for our cars more quickly.”
The Coventry-based firm’s order book remained strong, with demand for its most profitable Range Rover, Range Rover Sport and Defender models accounting for nearly 80 per cent of total orders and surging 90 per cent on the prior year.
Free cashflow – the amount a company has left over after paying its operating expenses – stood at £751m for half year, which Jaguar said was its best performance by that metric on record.
The results came alongside quarterly announcement from parent company Tata Motors, whose profits jumped significantly on Jaguar’s record performance.