Q1 profits up 25% for Jaguar Land Rover on continuing strong demand
VEHICLE manufacturer Jaguar Land Rover has enjoyed a strong first quarter with revenue and profits rising amid continuing strong demand for its products.
Indian parent Tata Motors revealed JLR had seen Q1 revenues reach £4,097m, up 13% on the same period last year (2012: £3,638m). Pre-tax profit increased 25% over the same period to £415m (2012: £333m).
Retail sales increased 10% year on year to 94,719 vehicles, which the company said reflected strong demand for all Jaguar and Land Rover products, especially the new Jaguar F-Type sports car and the all-new flagship Range Rover.
The company generated positive sales growth in all regions: Asia Pacific up 37%, the UK up 13%, China up 11%, North America up 10%, Europe up 3%, and other overseas markets up 11%.
Dr Ralf Speth, chief executive, JLR said: “The result for the first quarter demonstrates that our full range of new and upgraded products is exciting our customers.
“Our focus is to put our customers at the very heart of everything we do. With our appealing British led design and innovative engineering, we remain committed to exceeding customer experiences in all areas of our business.”
The results will enable the firm to press on with its expansion plans, especially in China where a new factory is expected to help boost sales in the region considerably once production is up and running in 2015.
He move is part of a strategy to invest around £2.75bn in its products and facilities during the financial year to March 2014.
Its other major production investment, the £750m engine plant at i54, near Wolverhampton is expected to be up and running next year, creating 1,500 new jobs.
