JLR financials accelerate during ‘robust’ third quarter period
Jaguar Land Rover Automotive plc (JLR) has revealed record third quarter financial results for the period up until December 31, 2024.
It described trading as a “robust third quarter” with record revenues, the highest EBIT margin in a decade and a ninth successive profitable quarter.
Revenue in Q3 was £7.5bn, up two per cent versus Q3 FY24, while year to date (YTD) revenue at £21.2bn was flat year‑on‑year.
Compared with the prior quarter, revenue was up 16%, driven by higher wholesales following supply disruptions in the second quarter of FY25.
Profit before tax and exceptional items in the quarter was £523m, down from £627m a year ago, while YTD profit before tax was £1.6bn, up seven per cent year on year and the best Q3 YTD pre-tax profit in a decade.
EBIT margin was nine per cent, up 0.2 percentage points compared with Q3 FY24 and the best Q3 EBIT margin in a decade.
The increase in profitability year‑on‑year reflects higher volumes, improved mix and a reduction in depreciation and amortisation.
Profit after tax in the quarter was £375m, compared with £592m in the same quarter a year ago.
Free cash flow for the quarter was £157m. At the end of the quarter, the cash balance was £3.5bn and net debt was £1.1bn, with gross debt of £4.6bn. Total liquidity was £5.1bn, including the £1.6bn undrawn revolving credit facility.
Looking ahead, while mindful of the challenging economic backdrop, the company said it is on track to achieve its profitability and cash flow targets in financial year 2025, and positive net cash.
Earlier this month the group, which has plants in Halewood, Merseyside, and at Castle Bromwich and Solihull in the West Midlands, revealed that the third quarter trading period benefited from an improvement in its supply chain after the second quarter was hit by a temporary aluminium supply constraint which restricted production.
CEO, Adrian Mardell, said: “JLR has delivered a robust performance in the third quarter of our financial year, and reached further milestones in our Reimagine strategy.
“Thanks to our people and partners, we achieved record Q3 revenue and our best EBIT margin in a decade, and our electrification plans are progressing.
“We revealed the beautiful, reimagined Jaguar design vision ‑ Type 00 ‑ in Miami and, later this year, we will launch Range Rover Electric.”
