Strong final quarter for JLR as annual loss is reduced

For the year to the end of March the loss was £64 million – £348m better than a year earlier.

For the three months the profit figure was £368m on revenue up 49 per cent to £7.1 billion.

Full year revenue was up 25 per cent at £22.8bn as constraints on supplies of computer chips improved.

Wholesales in the quarter were up 24 per cent to 94,649 cars with the full year up nine per cent to 321,362.

JLR's order book of 200,000 remains strong despite increased retail sales with Range Rover, Range Rover Sport and Defender representing 76 per cent of the orders.

Sales of the reimagined Defender are going from strength to strength. It was JLR's best-selling model in 2022-2023.

The group is investing £15bn over five years in its electrification and digital transformation.

The engine manufacturing centre at the i54, north of Wolverhampton, is to produce electric drive units and is being renamed the Electric Propulsion Manufacturing Centre

The Halewood plant will become an all-electric manufacturing facility.

Commenting on the business performance, Adrian Mardell, JLR’s interim chief executive, said: “JLR delivered a strong set of results for the fourth quarter. We increased production and delivered revenue, profit, free cash flow and wholesales growth as chip supply continued to improve."

In the year ahead it will be increasing investment to £3 billion.

“With the collective strength of our people, we will continue to deliver our Reimagine strategy. Demand for our exceptional modern luxury vehicles remains strong and with a pipeline of ultra-desirable electrified models on the horizon, I am excited and confident for our future," added Mr Mardell.

More than 11,300 employees and partners will be trained for the electrification programme with 11,625 already in training

JLR's Refocus transformation programme exceeded the full year target with £1.1 billion of savings in the financial year.