JLRformerly known as Jaguar Land Rover, posted better results for fiscal year 2023 than the previous year.
It posted an EBIT (earnings before earnings and taxes) margin of 2.4% for the full fiscal year 2023, an improvement over a negative EBIT margin of 0.4% for the fiscal year. 2022.
Free cash flow is also in the black at £521 million ($972 million).
Not all numbers are positive, with a total after-tax loss of £60 million ($112 million). However, that’s still £762 million ($1.42 billion) better than a year ago.
Revenue grew 25% year-on-year in fiscal 2022 to £22.8 billion (AU$42.562 billion), with JLR citing improved chip supplies.
JLR also said it had reduced its net debt to £3.0 billion ($5.6 billion) with a cash balance of £3.8 billion ($7.09 billion).
It says it has a total of 200,000 orders, with Range Rover, Range Rover Sport And defender represents 76 percent of the order book.
Full-year retail sales were 354,662, down 6% year-over-year.
“For the next financial year, while we are mindful of the remaining difficulties, our goal is to increase our pre-tax and interest margin to more than 6% and deliver a positive free cash flow that is appreciably positive. to further reduce net debt, while increasing investment to £3 billion. JLR interim CEO Adrian Mardell said.
“With everyone’s collective strength, we will continue to execute on our Reinventing strategy.
“Demand for our distinctive modern luxury vehicles remains strong and with a range of highly desirable electric models to come, I am excited and confident for our future. .”
JLR is investing £15 billion (AU$28 billion) over five years into digital transformation and electrification, including converting its Halewood factory in the UK to electric vehicle production.
While JLR currently has only one electric vehicle model – the Jaguar I-Pace – the company’s first electric Range Rover will be available for pre-order later this year.
Next year, the first of three new electric Jaguars – a four-door grand tourer – will be launched as the brand transitions to an electric-only lineup in 2025.
Alternatives to current Land Rover Discover Sports And Range Rover Evoque And velar expected to run solely on electricity, move to new EMA architecture.
