JLR annual profits soar
Booming car maker Jaguar Land Rover has reported a surge in profits for the past year.
The group's pre-tax profit was up from £1.67 billion in 2012-2013 to £2.50bn for the year to the end of March.
They company was boosted by the launch of new models including the Range Rover Sport, new Range Rover and Jaguar F-TYPE.
The number of cars sold worldwide in the 12 months was up 15.9 per cent to 434,311 including 124,766 for the first three months of this year, up eight per cent, latest figures have revealed.
JLR's revenue for the year was £19.38 billion from £15.78bn in the previous year. Its pre-tax profit for the quarter was up from £507m to £576m.
Chief executive Dr Ralf Speth said: "2013-2014 has proven to be a solid year for Jaguar Land Rover, based on the demand around the world for our engaging products including the Range Rover Sport and F-TYPE Coupe.
"Together, these activities have driven a solid financial performance for the company which continues to deliver on its strategic growth plans. These plans will see us invest in 50 new product actions over the next five years supported by our nurturing parent Tata Motors."
JLR's parent Indian company Tata Motors, reported a slight fall in net profit for the last quarter due, in part, to adverse currency moves.
The figure for January to March was £398m, down 0.7% on the same period a year ago.
"Sustained deceleration in the economic growth leading to weak consumer sentiment, high inflation, higher fuel prices, reduced availability of finance, elevated interest rate regime , continues to impact the demand for the entire auto industry," Tata said in its financial report.
JLR's new £500m engine factory at the i54 site on the outskirts of Wolverhampton is nearing completion.
It will eventually employ around 1,400 people and is expected to start turning out production versions of the new Ingenium engines early next year.
They will go into the new Jaguar XE Saloon, due to be unveiled later this summer.
Demand is still growing for JLR's cars in China and there is strong demand in the United States, the UK home market and across Europe.
The company's increasing sales have been accompanied by massive investment in its UK factories and it has recruited thousands of new engineers in the last few years giving it a UK workforce of around 29,000.
