Jaguar Land Rover returns to profit amid ongoing Brexit fears
Jaguar Land Rover has returned to profit amid ongoing concerns over how Brexit will impact the Midlands car maker.
JLR – which has plants in Solihull and Castle Bromwich – has turned around its fortunes after it returned to profit in the last financial quarter.
Ralf Speth, boss of the Midlands car manufacturer, now claims Jaguar Land Rover is firmly on track.
The car giant posted a £395 million loss between April and June of this year but, from July to September, recorded a £156 million pre-tax profit.
JLR’s figures show this to be a staggering £246 million year-on-year improvement.
The improvement reflects favourable wholesale volume and mix, operating costs, depreciation and amortization, and foreign exchange.
Dr Speth said: “Jaguar Land Rover has returned to profitability and revenue growth. This is testament to the fundamental strength of our business, our award-winning products, new technologies and operating efficiencies.
“We were one of the first companies in our sector to address the challenges facing our industry.
“As such, it is encouraging to see the impact of our Project Charge transformation programme and our improvement initiatives in the China market start to come through in our results.”
JLR’s fortunes were driven by the firm’s revenues rising to £6.1 billion, an 8.0% year-on-year increase.
Retail sales dipped by 0.7%, but JLR was boosted its performance in China, where sales grew 24.3%.
The new Range Rover Evoque has enjoyed increased sales of 54.6% compared to the previous year.
Range Rover Sport sales rose 17.5% over the same period.
Dr Speth continued: “Our people have responded very positively to the challenging circumstances over the past year.
“The improved performance this quarter reflects their ongoing passion and determination.
“Looking forward, we will continue our product offensive, broadening our range of electrified vehicles on the journey towards our Destination Zero future.”
Read more: https://www.birminghammail.co.uk/news/midlands-news/jaguar-land-rover-returns-profit-17146985