JLR continued its trend of strong financial performance in the financial year, with another record-breaking first quarter in 2024. Revenue for the quarter was £7.9 billion, up 11% versus Q4 FY23 and up 6% versus Q3 FY24. Revenues for the 12 months to 31 March 2024 were £29.0 billion – JLR’s highest ever full year revenue and up 27% compared to the prior year.
Profit before tax and exceptional items (“PBT”) in the quarter was £661 million, up from £368 million a year ago. The higher profitability year-on-year reflects increased volumes and reduced material costs, offset partially by increased marketing spend compared to a year ago.
Profit after tax (“PAT”) in the quarter was £1.4 billion, compared to a profit of £259 million in the same quarter a year ago. Full year PBT was £2.2 billion, the highest since FY15.
The order book was around 133,000 vehicles at the end of the financial year, 76% of which were for Range Rover, Range Rover Sport and Defender models. As expected, the order book has gradually reduced over the course of the year, as client orders have been fulfilled.
Looking ahead
“This has been a year of great strategic progress at JLR and I would like to thank our clients, our people, our suppliers and partners for their role in our success,” said Adrian Mardell, Chief Executive Officer, JLR
“We have delivered a record financial performance for the company, generating free cashflow of £2.3 billion, enabling us to reduce net debt to £0.7 billion.
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.
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.”
Jaguar Land Rover
