Profits more than double as JLR sales soar

First quarter figures from Jaguar Land Rover show is sold 115,596 vehicles between April and the end of June – a 22 per cent jump on the sales for the same period a year ago.

That bumped up revenue figures by more than £1 billion to £5.35 bn.

But profits took off like a rocket: at £924 million they are more than double the £415m figure racked up in the first quarter last year.

The West Midlands-based luxury car maker said the profits hike reflected growth in the number of cars its sold and the revenue they made, "with strong product and georgraphic mix".

JLR's chief executive officer, Ralf Speth said: "This financial performance reflects Jaguar Land Rover's award-winning product portfolio.

"We are committed to inspire customers with exceptional premium vehicles, delivering the highest standards of quality, technology and customer service. We delight people with experiences that they will love, for life."

The company said the sales increased reflected "solid global demand" for the latest vehicles in its Jaguar and Land Rover line-up,

particularly for the Range Rover, Range Rover Sport, Range Rover Evoque and the Jaguar F-Type.

And the company is just a month away from unveiling one of its most important new models, the Jaguar XE saloon.

Powered by new Ingenium engines made at the £500 million factory the company has built on the i54 site, on the border of Wolverhampton and South Staffordshire, the so-called 'baby Jag' is designed to take on BMW's best-selling 3-Series, as well as medium sized executive cars made by Mercedes-Benz and Audi.

Built on a new production line in Solihull and using ground-breaking techniques and a revolutionary aluminium bodyshell, the XE is seen as paving the way for a new generation of Jaguar cars, including a more female-friendly crossover thought to be waiting in the wings.

The XE goes on sale early next year, along with the new Discovery Sport, which replaces the Land Rover Freelander.

JLR will be hoping the new models will keep its profits and sales rising, helping cover the costs of massive investment at its UK factories and new sites in China, India and Brazil. The company has already recruited another 11,000 workers over the last three years, giving it a 26,000-strong workforce, mostly based in the UK. Around 1,400 will work at the Wolverhampton engine factory when it is fully operational.

The strong sales of Jaguar and Land Rover cars in recent months also enabled parent company Tata Motors to report much stronger-than-expected profits, despite the continuing poor performance of vehicle operations at home in India. Net profit for the April-to-June quarter jumped to 54bn rupees (£526m) from 17.7bn rupees a year earlier.