Jaguar Land Rover reported its biggest quarterly profits in seven years today, thanks to record sales of Range Rovers.
The firm said “favourable volumes and reduced chip sales” drove higher profitability, of £627 million in the three months to 31 December.
Revenue was also up to £7.4 million, which was the highest ever for the final three months of a calendar year. Range Rover wholesales hit a record high, while the ultra-high end Range Rover SV - costing £202,000 - has seen booming sales. Sales of the car during JLR’s financial year, ended 31 March, look set to be double the figures from a year earlier.
Adrian Mardell, JLR’s Chief Executive Officer said: “We have delivered a further outstanding financial performance in quarter three, with our best quarterly profit for seven years and our highest ever revenue for the first nine months of a financial year.
Mardell also highlighted strong demand for the upcoming electric Range Rover, with more than 16,000 sign-ups for its waiting list.
He said: “Sales of our modern luxury vehicles hit new records in the quarter, and we are excited about the strong client interest for our soon to launch Range Rover Electric.”
“I must attribute these results to our talented and dedicated people, who work relentlessly to bring our exceptional modern luxury cars to the market.
“Looking ahead, we are mindful of the challenges the business will face but we are confident that we will continue to successfully deliver our Reimagine Strategy.”
Commenting on the financial performance, Richard Molyneux, JLR’s Chief Financial Officer, said: “I am very pleased with our strong financial results this quarter and year to date, with record free cash flow reducing our net debt to £1.6 billion.”
