This represents a sales increase of 29.1% for the company compared to the corresponding period last year. According to JLR, the boost in demand has been supported by both new products and strong demand in China and other developing markets.
The Jaguar volumes for the period stood at 54,039 units and Land Rover volumes stood at 260,394 units.
Dr. Ralf Speth, JLR Chief Executive Officer described the results as a “positive reflection of the continued level of consumer confidence” in both the Jaguar and Land Rover brands. “These record earnings, driven by strong product demand and operating efficiencies, give JLR the financial impetus to sustain its ongoing investment programme,” he said.
Jaguar Land Rover sales for the quarter ended March 31, 2012, grew 48.2% to 98,021 units. Of this, the Jaguar volumes for the period stood at 14,118 units and Land Rover volumes stood at 83,903 units. The recently launched new products continue to receive positive response. The newly launched Range Rover Evoque, clocked approximately 60,217 wholesale units till March 2012. Sales from the China region grew strongly and comprised 19.0% of total volumes for the quarter ended March 31, 2012 as against 12.8% for the corresponding period last year.
The revenues for FY 2011-12, at £13.5bn represented a growth of 36.9% over £9.87bn in the corresponding period last year. Operating margins for the FY 2011-12, stood at 15.0% and an Operating Profit (EBITDA) of £2.027bn, a growth of 35.0% over £1.502bn in the corresponding period last year.
UK retail sales were 60,022 meaning that the company exports 80% of its production. Its top five markets all increased with China leading the way growing by more than three-quarters:
- UK – 60,022 (+3.2%)
- North America – 58,003 (+15.4%)
- China – 50,994 (+76%)
- Russia 16,142 (+38.1%)
- Germany 13,675 (+22.3%)
In March 2012, JLR successfully raised bonds of £500m with a coupon of 8.25% and tenor of eight years. The full proceeds were retained at JLR for future investment in the company’s business.
Also in March this year, JLR announced that it signed a joint venture agreement with Chery Automobile Company to build vehicles for the Chinese market which is currently under the process for regulatory approvals by the Chinese authorities.
JLR this year also approved the consolidation of its Jaguar and Land Rover businesses into one legal entity to be named Jaguar Land Rover Limited. The consolidation is expected to become effective later this year.