Midland manufacturing giant Jaguar Land Rover has clocked up another motoring milestone – with mammoth profits of more than £2.6 billion.
The record pre-tax earnings for the year to March 31 2015 represented a rise of £113 million on the previous year, which was itself a new high.
The Tata Motors-owned firm announced revenues of £21.86 billion for the year, up by £2.48 billion in 12 months.
JLR said the record profits marked a fifth successive year of ‘solid growth, robust financial results and continuous investment in its future.’
Jaguar Land Rover Chief Executive Ralf Speth said: “Jaguar Land Rover has delivered five years of solid financial results, enabling us to invest in our long-term future. This has positioned the company strategically and financially for continued sustainable growth.
“The past year has been one of significant achievement, with the expansion of our vehicle ranges and our manufacturing footprint. We are committed to delivering further growth this year, maintaining our relentless pace of launching new models and introducing innovative technologies for our discerning customers around the world.”
Over the past five years, Jaguar Land Rover has doubled sales and employment, more than tripled turnover, and invested more than £10 billion in new product creation and capital expenditure.
High points for 2014/15 included the unveiling of three Jaguars, the all-new XE and F-PACE and the new XF, plus the start of sales of the all-new Land Rover Discovery Sport.
Last October The Queen formally opened Jaguar Land Rover’s Engine Manufacturing Centre at Wolverhampton, a £500 million complex which will employ 1,400 workers.
In the same month, the company opened its first ever overseas manufacturing facility in Changshu, China. Construction of its second overseas plant, in Brazil, started in December.
And in March JLR confirmed £600 million of investment in the West Midlands, including £400 million at Castle Bromwich in support of the introduction of the all new Jaguar XF.