Jaguar Land Rover Automotive claimed a record breaking final quarter for the three months to 31 March 2024, with revenue up 11% year on year to GBP7.9bn, while full year revenue was up 27% to JPY29bn, also a record.

Profit before tax and exceptional items was GBP661m, up from GBP368m a year ago. EBIT margin was 9.2%, up 2.7%.

The higher profitability year on year reflected increased volume and reduced material costs, offset partially by increased marketing spend compared to a year ago, JLR said.

Profit after tax in Q4 was GBP1.4bn compared with GBP259m a year ago. Full year pretax profit was GBP2.2bn, the highest since FY15 and full year tax paid profit was GBP2.6bn due to recognition of a deferred tax asset of GBP1bn.

JLR said it expected EBIT margins in FY25 to be “around the FY24 level”.

“We anticipate a modest increase in investment spend to £3.5bn but still expect to become net debt zero during FY25.”

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