Jaguar Land Rover has reported record full-year results as sales of its luxury Range Rover and Defender models drove growth.
The automotive giant netted a record £29bn in revenue last year, up 27 per cent, while pre-tax profit rose to £2.2bn to the highest level since 2015.
Chief executive Adrian Mardell hailed a “year of strategic progress” in which JLR pledged to inject £15bn over the next half-decade to ramp up electric vehicle (EV) production.
“The foundation of this performance was the sustained global demand for our modern luxury vehicles, led by our Range Rover and Defender brands, underpinned by a consistent focus on operational improvement,” Mardell said.
“We are entering the next exciting phase of our Reimagine strategy, which will see us bring to life our modern luxury electric vehicles and deliver an accompanying modern luxury experience for our clients, ensuring we continue to vigorously address the challenges we have encountered in 2024.”
Free cash flow reached a record £2.3bn, enabling the firm to slash its debt to £0.7bn. By the end of the financial year, the Coventry-based firm’s order book was around 133,000 vehicles, 76 per cent of which was made up Range Rover, Range Rover Sport and Defender models.
Jag sprung back to life in 2023 following years of struggles during the global semiconductor shortage. It swung back into the black last January after reporting £265m in pre-tax profit.
Shares are up over 100 per cent in the last twelve months and the boom has brought hundreds of new jobs to the West Midlands. Some 960 electrification roles will be created in 2024, the group forecast.
Jaguar’s iconic Range Rover has been credited for propping up its owner, Tata Motors, which is itself part of the Indian conglomerate Tata Group, led by Natarajan Chandrasekaran.
Looking ahead, the firm said it anticipates increasing its investment spend by £3.5bn while maintaining a goal of net debt zero during 2025.