The chief executive of luxury car manufacturer Jaguar Land Rover (JLR) has hailed a "solid year" as the West Midlands company unveiled a fourth period of record breaking growth.
Dr Ralf Speth said the rise in 2013/14, a year in which JLR posted the equivalent £4,756 worth of profit a minute, was centred around global demand for the company's portfolio of cars.
He said: "2013/14 has proven to be a solid year for Jaguar Land Rover, based on the demand around the world for our engaging products including the Range Rover Sport and F-Type Coupé.
"Together, these activities have driven a solid financial performance for the company which continues to deliver on its strategic growth plans.
"These plans will see us invest in 50 new product actions over the next five years supported by our nurturing parent Tata Motors."
In the year to April 2014, JLR again posted the largest profit seen in the West Midlands with a pre-tax profit of £2.5 billion, up from £1.67 billion in 2012/13.
Revenue nudged closer to the £20 billion mark, climbing from £15.78 billion to £19.38 billion.
It represents four years of record-breaking profitability for Jaguar Land Rover although analysts have recently question whether capacity issues could curtail further growth.
Alan Greene, vice-president at rating agency Moody's, said the car giant would be hampered by manufacturing constraints, despite surging demand for its cars in the Americas and Far East.
Wholesale and retail volumes of JLR cars in 2013/14 stood at 429,861 units and 434,311 units respectively, up 15.5 per cent and 16 per cent.
It said the growth in the retail sales had been supported by new products with Land Rover posting a 12 per cent rise for the year, primarily driven by the new Range Rover Sport, a full year of the new Range Rover and continued strong growth of the Range Rover Evoque.
Sales of Jaguars were up 37 per cent in 2013/14 with "continued robust demand" for XJ and XF models, JLR said, all buoyed by the introduction of the new Jaguar F-Type.
The company said it would continue its investment for the future with spending of £2.68 billion in 2013/14 on new products, architectures, power trains and technologies as well as increased manufacturing capacity at an expanded plant in Solihull site, a new engine plant at i54 near Wolverhampton and a new China JV plant.
Its operating margin stood at 17.5 per cent and it has declared a £150 million dividend.
Indian company Tata Motors acquired JLR from Ford in 2008 for £1.3 billion.
