UK: Tata's Jaguar Land Rover books 11% profit boost
Tata Motors' UK luxury car unit Jaguar Land Rover booked record sales, revenues and pre-tax profit for the full fiscal year to 31 March, 2013.
Retail sales rose 22% to 374,636 units for revenue up 17% to GBP15.8bn and pre-tax profit was up 11% to GBP1,675m.
Fiscal year new product launches included the redesigned Range Rover, Jaguar XF Sportbrake [wagon] plus AWD and new market-specific engines for the Jaguar XF and XJ.
China unit sales rose 48%, Asia Pacific 27%, UK 20%, Europe 18%, North America 9% and other export markets 19%.
CEO Ralf Speth said the automaker would spend about GBP2.75bn on new product, staff and infrastructure in the current fiscal year.
JLR is building an engine plant in Wolverhampton, set to open in 2015, which will reduce its dependence on engines from former owner Ford and that automaker's JVs.
JAGUAR LAND ROVER REPORTS FISCAL YEAR EARNINGS FOR 2012/13
- Record sales, revenues and profits
- Retails 374,636, up 22%
- Revenues £15.8bn, up 17%
- Profit before tax £1,675m, up 11%
- Successful launches of all-new Range Rover, Jaguar XF Sportbrake and new AWD XF and AWD XJ and several engine derivatives
Coventry: Jaguar Land Rover Automotive plc has today reported revenues of £15.8bn for the fiscal year ended 31st March 2013, up 17% year on year (£13.5bn last year).
Retail sales increased 22% to 374,636 vehicles, supported by significant product actions including the all-new Range Rover, Jaguar all-wheel drive XF and XJ and the XF Sportbrake. The company generated positive sales growth in all regions: China up 48%, Asia Pacific up 27%, UK up 20%, Europe up 18%, North America up 9% and other overseas markets up 19%.
Profit before tax increased by 11% to £1,675m for the fiscal year (£1,507m last year).
Commenting on the results, Jaguar Land Rover Chief Executive Officer, Dr. Ralf Speth said: "The positive result for the financial year demonstrates that we have strong demand for our great, solid product portfolio all around the world.
“During this period Jaguar Land Rover unveiled major new products, the all-new all aluminium Range Rover and the Jaguar Sportbrake, the AWD XF and AWD XJ and the stunning F-TYPE.”
Dr. Speth continued:“Jaguar Land Rover invested significantly in the product creation process, in our advanced manufacturing sites and created more than 3,000 jobs. This commitment is set to continue with a sustained programme of investment which will see us spend in the region of £2.75bn on new product, people and infrastructure in the year to March 2014.”
Notes to editors:
Jaguar Land Rover 2012/13 Fiscal Year Retail Sales:
|TOTAL||374,636 up 22%|
|Europe||80,994 up 18%|
|China||77,075 up 48%|
|UK||72,270 up 20%|
|North America||62,959 up 9%|
|Asia Pacific||17,849 up 27%|
|Overseas||63,489 up 19%|
Jaguar Land Rover:
- Jaguar Land Rover has ambitious plans for sustainable growth and profitability.
- In 2012, Jaguar Land Rover sold 357,773 vehicles, up 30%
- Jaguar Land Rover will invest circa £2.75bn in its products and facilities in the financial year to March 2014.
- Jaguar Land Rover is one of the UK's largest exporters by value (£8.2bn in 2011) and generates in the region of 85% of its revenue from exports.
- In the 12 months to 31 March 2012, Jaguar Land Rover generated profit before tax of £1.5bn with revenues of £13.5bn
Original source: Newspress