Jaguar Land Rover returns to profit
Jaguar Land Rover has returned to profit, the company has announced.
The car manufacturer has posted an 8 per cent year-on-year revenue increase and pre-tax profits of £156 million in its results for the three-month period ending 30 September 2019.
The company’s Project Charge transformation programme contributed £162 million of cost improvement and a £285 million reduction in investment spending during the quarter.
Project Charge involved significant cost-cutting exercises and a drive to improve cash flow by billions of pounds over an 18 month period.
The firm’s revenue has now hit £6.1 billion, driven by an increase in higher wholesales and a favourable product mix.
Janguar Land Rover’s CEO, Professor Sir Ralf 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.”
