JLR had its most profitable year since 2015 last year off the back of soaring sales for the high-margin Defender and Range Rover model lines.
The firm generated £2.2 billion in profit from a record £29bn in revenues in the 12 months to 31 March 2024. The company's operating margin was 9.2% - a full 2.7 percentage points higher than the previous financial year, which it attributes to increased sales volumes and reduced material costs - though it said this growth was partially offset by a ramp-up in marketing spend.
The company sold 401,303 cars in the full financial year, of which more than a quarter were Defenders. The two Range Rover models accounted for nearly 130,000 sales, too.
The firm still faces a towering order book of 133,000 vehicles - 76% of which are for the Range Rover, Range Rover Sport or Defender, and says it will "focus on brand activation to maintain the order book" going forward.
CEO Adrian Mardell hailed the strong financial performance and : “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.”
Importantly, JLR anticipates it remains on track to become net debt zero next year, having trimmed its net debt figure to £0.7bn last year, down from £3bn the year before that.
Add your comment