Jaguar Land Rover returns to profit after revenue boost
Hit by falling sales, the British firm posted a £395 million loss between April and June of this year. But it turned that around in the quarter running from July to September, recording a £156 million pre-tax profit – a £246 million year-on-year improvement.
The improved results were driven by Jaguar Land Rover’s revenues rising to £6.1 billion, an 8.0% year-on-year increase. While retail sales dipped by 0.7%, the firm was boosted its performance in China, where sales grew 24.3%.
The arrival of the new Range Rover Evoque also helped, with sales of that model up 54.6% compared to the previous year. Range Rover Sport sales rose 17.5% over the same period.
Jaguar Land Rover has been undergoing a massive £2.5 billion cost-cutting and restructuring programme, named Project Charge, and Speth said the improved results reflected the success of those efforts. The firm has already achieved £2.2 billion on efficiencies, and is on track to reach its goals by the end of March 2020. It has also invested in new facilities, such as the recentl;y opened Product Creation Centre.
“Our people have responded very positively to the challenging circumstances over the past year,” said Speth. “The improved performance this quarter reflects their ongoing passion and determination.”
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