Jaguar Land Rover has returned to profit, posting pre-tax growth of £32 million for the financial year ending 31 March 2010.
Parent firm Tata puts JLR’s success down to improved market conditions, as well as cost cutting measures and the launch of several new models.
The most improvement to its financial position was seen in the financial year’s third and fourth quarters, which coincided with the launch of revised Land Rover Discovery, Range Rover and Range Rover Sport models.
JLR has also been implementing a new business plan, part funded by a £340m loan from the European Investment Bank.
JLR’s sales were up 25 per cent year-on-year in the UK in the last financial year, while there was also strong growth in China. Jaguar saw its sales rise 38 per cent and Land Rover 55 per cent year-on-year in the country.
The firm made 193,982 units worldwide in 2009/10 compared to 167,348 units the previous year.
“With the positive market reception of the enhanced product range in an improved market environment as well as continued cost reduction efforts, the business was able to show sustained quarter on quarter improvement towards solid profitability in Q3 and Q4,” said Tata in a statement.
“Jaguar Land Rover retail sales improved favorably in the second half of the year, after addressing the effects of the global economic turndown and launching new model year products.”