Jaguar Land Rover (JLR) has roared to bumper results, announcing sales rising nine per cent to £24.3bn and pre-tax profits of £1.6bn for the year ending 31 March.
The British car giant announced full-year revenues of £24.3bn, a rise of nine per cent, with pre-tax profits of £1.6bn, edging up three per cent.
Retail sales were a record 604,009 vehicles, a rise of 16 per cent on the previous year, propelled by the success of its premium cars, with sales of Jaguar's F-Pace driving the pack. It contributed to the soaring success for the Jaguar brand with an 83 per cent increase in sales year-on-year.
Weak sterling in the wake of the Brexit vote has also helped to nudge up top line sales as JLR sells around a fifth of its cars in the UK. Sales were up year-on-year 32 per cent in China and 24 per cent in North America respectively.
Its fourth quarter was also a strong finish to the year, with revenue of £7.3bn and profit before tax of £676m.
Why it's interesting
JLR has been investing heavily, with £3.4bn plugged into the likes of a new £1bn plant in Nitra, Slovakia, and ongoing expansion of its UK facilities.
New models are in the works too, as JLR has announced plans for its very first electric vehicle, the I-Pace, and said its new Range Rover model, the Velar, will be manufactured exclusively in the UK as a sign of the firm's "confidence in British manufacturing".
According to JLR, Range Rovers account for 85 per cent of all premium cars produced in Britain and contribute £10bn to the UK economy every year.
Going forward, JLR plans to ramp up investment further with £4bn going into expanding its product portfolio, innovative technologies, R&D, and increasing its manufacturing capacity next year.
Chief financial officer Kenneth Gregor said the company remains committed to its "ambitious growth plans despite seasonal variations in demand and global economic challenges".
What the company said
Dr Ralf Speth, JLR's chief executive, said:
These solid results demonstrate the appeal of our products and our ability to deliver strong, profitable and sustainable growth.
We are continuing to invest significantly in new models and innovation, as shown by the new Land Rover Discovery, the forthcoming Range Rover Velar and all-electric Jaguar I-PACE, reinforcing our commitment to new technologies and providing new and compelling customer experiences.