Car giant JLR has reported record revenues and its highest profit since 2015 - and says it is powering ahead with its electric vehicle transformation.
JLR, formerly Jaguar Land Rover, reported record revenue for Q4 of £7.9bn, and record revenues for FY 24 of £29bn - up 27% on 2023.
That led to a final quarter profit before tax and exceptional items (PBT) of £661m, and a PBT of £2.2bn for the full year to March 31 - the highest since 2015. The company said: “The higher profitability year-on-year reflects increased volumes and reduced material costs, offset partially by increased marketing spend compared to a year ago.”
Free cashflow for the year stood at a record £2.3bn, with net debt reduced to £0.7bn.
JLR reported record Range Rover wholesale and retail sales for Q4 and FY24.
It said the Range Rover Electric generated strong interest, with over 28,700 sign ups to the waiting list since launch in December 2023.
Range Rover SV demand doubled to 4,099 units in FY24. That included the sale of 20 Range Rover SV Bespoke Sadaf editions which sold at around £330,000 each.
The company is pushing ahead with its Reimagine electric vehicle strategy. Today it said the installation of a new battery conveyor system at Solihull for Range Rover Electric was almost complete while a new body shop was fully operational.
Most Read
At Halewood in Merseyside, the development of an all-electric production site continues with 300 robots and new assembly lines installed in a new body shop.
In Wolverhampton, JLR is investing £356m in its Electric Propulsion Manufacturing Centre, installing equipment to manufacture battery packs and electric drive units.
Chief executive Adrian Mardell said: “This has been a year of great strategic progress at JLR and I would like to thank our clients, our people, our suppliers and partners for their role in our success.
“We have delivered a record financial performance for the company, generating free cashflow of £2.3 billion, enabling us to reduce net debt to £0.7 billion.
“The foundation of this performance was the sustained global demand for our modern luxury vehicles, led by our Range Rover and Defender brands, underpinned by a consistent focus on operational improvement.
“We are entering the next exciting phase of our Reimagine strategy which will see us bring to life our modern luxury electric vehicles and deliver an accompanying modern luxury experience for our clients, ensuring we continue to vigorously address the challenges we have encountered in 2024.”
The group added: “Looking ahead, we will continue to focus on brand activation to maintain the order book. We expect EBIT margins in FY25 to be around the FY24 level. We anticipate a modest increase in investment spend to £3.5b but still expect to become net debt zero during FY25.”