Jaguar Land Rover Automotive plc has released financial results for the fourth quarter of its financial year (ending 31 March 2019).

JLR said that it saw encouraging demand over the whole financial year for new models including the Jaguar E-PACE compact SUV, the Range Rover Velar mid-size SUV, the refreshed Range Rover and Range Rover Sport (both including plug-in hybrid options) and the all-electric Jaguar I-PACE.

“This helped to lift unit sales in the UK by 8.4% and by 8.1% in North America, as Jaguar Land Rover outpaced industry growth in both markets.

“Land Rover was also the fastest-growing automotive brand in the US and Jaguar sales rose sharply in Europe. However, continued weakness in China led to a 5.8% year-on-year decline in retail sales to 578,915 vehicles.”


In the last quarter of the financial year, JLR returned to profitability. In the three months to 31 March, the company generated pre-tax profits of £269 million before exceptional items as its ‘Charge’ transformation programme delivered cost and cash improvements.

After £149 million of redundancy costs as part of the ongoing transformation, pre-tax profit was £120 million. Revenues of £7.1 billion were down £421 million year-on-year, as growing demand in key markets such as the UK and US helped to offset weaker conditions in China.

However, in the whole financial year, the company made a pre-tax loss of £358 million before exceptional items, primarily as a result of lower full-year unit sales against the backdrop of a weaker Chinese market.

The previously announced third-quarter ‘non-cash impairment charge’ of £3.1 billion and the redundancy costs taken in the fourth quarter contributed to a full-year pre-tax loss of £3.6 billion on revenues that declined £1.6 billion year-on-year to £24.2 billion.

For the year, the Charge programme delivered £1.25 billion of cash savings and cost efficiencies.

JLR chief executive Ralf Speth said (www.jaguarlandrover.com): “Jaguar Land Rover is on track to make at least £2.5 billion of investment, working capital and profit improvements by March 2020 through its Charge transformation programme.

The company has already delivered the first £1.25 billion, with £150 million of cost efficiencies, £400 million of working capital improvements and £700 million of investment savings achieved by March 2019.

“As part of the on-going transformation programme, the company continued to invest in its manufacturing footprint. JLR opened a new plant in Nitra, Slovakia — producing the Land Rover Discovery — and enhanced its flexible manufacturing in Halewood for the new Range Rover Evoque.

Plans have been announced to assemble electric drive units and battery packs in the UK and invest in the production of the next generation of flagship Range Rover models at Solihull.

“Work is under way at Gaydon to centralise Jaguar Land Rover’s automotive design and product engineering activities. New technology centres have been created in Shannon, in Manchester and Budapest.”