Tata-owned Jaguar Land Rover has reported financial results for the three-month period ending 30 September 2019 which show a return to profitability.
Jaguar Land Rover generated pre-tax profits of GBP15m in the quarter, GBP246m better year-on-year. Revenue rose 8% year-on-year to GBP6.1bn.
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While total retail sales were down slightly (-0.7%), performance in China improved, up 24.3%.
Global retail sales of the new Range Rover Evoque were up by 54.6%, Range Rover Sport rose 17.5% and Jaguar I-PACE retails were up by 2,593 units.
The company’s Project Charge transformation programme contributed GBP162m of cost improvement and GBP285m reduction in investment spending in the quarter.
With GBP2.2bn efficiencies achieved to date, Jaguar Land Rover maintains it remains on track to achieve the full targeted GBP2.5bn by 31 March 2020 and further improvements beyond then.
“Jaguar Land Rover has returned to profitability and revenue growth,” said JLR CEO, Ralf Speth. “This is testament to the fundamental strength of our business, our award-winning products, new technologies and operating efficiencies.
“We were one of the first companies in our sector to address the challenges facing our industry. As such, it is encouraging to see the impact of our Project Charge transformation programme and our improvement initiatives in the China market start to come through in our results.”
