Jaguar Land Rover is on course for another successful year after posting pre-tax profits of £333 million during the first quarter of 2012 - a 32 per cent increase on the same period in 2011.
The result reflects a 34 per cent increase in sales with the firm selling 83,452 vehicles globally to generate revenues of more than £3.68 billion - an increase of £935 million on 2011.
The firm says its growth is being driven by the continued success of the Range Rover Evoque but also the refreshed Jaguar XF.
Profit margins have also improved reflecting a strong sales mix and a favourable exchange rate environment.
JLR chief executive officer Ralf Speth said: “Jaguar Land Rover has delivered another quarter of positive profit against a challenging economic backdrop.
“We continue to see sales growth from the new Range Rover Evoque and Jaguar XF as well as strong performances in key markets such as the USA and China.”
Dr Speth said the company was firmly focused on the future and expanding its product range but also sounded a cautionary note about the continuing difficult economic conditions.
“Our business is growing and we are investing in the future - a future that will see us expand our product range and reach new customers in a truly global marketplace,” he said.
“However, we are cautiously watching the development of the economic environment as we embark on this ambitious programme of investment.”
Last year JLR made a record £1.5 billion profit and Land Rover recently celebrated a 62 per cent increase in its UK sales in July.
So far this year a total of 29,511 Land Rover vehicles have been sold in the UK, representing an increase of 33.7 per cent compared to 2011.
Jaguar’s UK sales in July fell by just under eight per cent, the Castle Bromwich-based car maker selling 892 vehicles compared to 966 in July 2011.
But the firm’s sales overall in 2012 remain buoyant at 7,999 - an increase of 1.85 per cent compared to 2011.