2 minute read - 13th May 2024
Record year for JLR as large investment programme continues
JLR continued its trend of strong financial performance in its financial year, with another record-breaking quarter in the three months to 31 March 2024. Revenue for the quarter was £7.9bn, up 11% versus Q4 FY23 and up 6% versus Q3 FY24. Revenues for the 12 months to 31 March 2024 were £29.0bn – JLR’s highest ever full year revenue and up 27% compared to the prior year.
Alongside its financial announcements, JLR also confirmed progress on major investments with the installation of a new battery conveyor system at Solihull for the electric Range Rover nearing completion and a new additional body shop for Range Rover now fully operational. Development of an all-electric EMA (electrified modular architecture) production facility at Halewood is continuing with the addition of 300 robots and new assembly lines installed in the new body shop.
In addition, JLR has invested £356m in its electric propulsion manufacturing centre in Wolverhampton, installing equipment to manufacture battery packs and electric drive units. The company also confirmed the creation of 950 electrification roles in FY24.
JLR’s 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. The order book has gradually reduced over the course of the year, as client orders have been fulfilled. Looking ahead, JLR will continue to focus on brand activation to maintain its order book. It expects EBIT margins in FY25 to be around the FY24 level and confirmed an increase in investment spend to £3.5bn during FY25.
JLR has seen its highest ever full year revenue, up 27%, together with major investment plans gaining speed / Picture: JLR
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Adrian Mardell, chief executive officer of JLR, said: “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. 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.”
