Carmaker Jaguar Land Rover says revenues in the first half of its financial year are up 42% to a record £13.8bn. Tony McDonough reports
Jaguar Land Rover (JLR) says revenues in the second quarter of its fiscal year have totalled £6.9bn, up 30% from the same period last year.
It means that half-year revenues in the six month to September 30 stand at a record £13.8bn. This is 42% up from 2022. JLR says supply constraints have continued to ease, enabling more vehicles to be delivered to customers.
JLR operates the Halewood factory in Merseyside where more than 3,500 workers assemble the Range Rover, Evoque and the Land Rover Discovery Sport. It has pledged a £15bn investment to create a new generation of electric vehicles.
Its higher revenue reflects higher wholesales sales of 96,817 in the quarter and of 190,070 in the first half, both up 29% year-on-year.
Pre-tax profit in the quarter was £442m, up from a loss a year ago and up slightly from the £435m in the first quarter. Higher profitability year-on-year reflects favourable volume, mix, pricing and foreign exchange revaluation.
Free cash flow for the period was £300m. At the end of the quarter, total cash was £4.3bn and net debt was £2.2bn. Total liquidity was £5.8bn including the £1.52bn undrawn revolving credit facility maturing in March 2026.
JLR’s order book remains strong with more than 168,000 client orders at quarter end, with Range Rover, Range Rover Sport and Defender continuing to make up a significant portion, accounting for 77% of the order book overall.
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It expects production and wholesale volumes to gradually increase in the second half of the fiscal year.
Chief executive Adrian Mardell said: “We have delivered our best ever cashflow in the first half of this financial year and delivered another profitable quarter due to the strength of our financial performance.
“These results demonstrate the huge desirability of our modern luxury product portfolio and the skill of our hard-working teams who have increased production to ensure we can satisfy the substantial demand for our cars more quickly.”