JLR’s financial recovery gathered pace after it boosted revenues, profits and orders in the first quarter of the 2023/24 financial year and posted its best-ever free cashflow in the period.
Revenues stood at £6.9 billion in Q1, an increase of 57% year on year, while profits before tax and exceptional items were up nearly £1 billion on the previous year, at £435 million, giving an EBIT margin of 8.6%, up from 6.5% in the previous quarter. This was negative a year ago.
The free cashflow for the quarter was £451m, while net debt was down to £2.5bn, as JLR worked towards its goal of being net cash-positive.
“The good financial performance in the quarter reflects the strength of our luxury brands,” said Richard Molyneux, JLR’s recently appointed chief financial officer.