P rofit and cash improvements from Charge+ in the quarter totalled over £332 million, including £155 million of cost efficiencies and a £177 million reduction in investment spending. Cash flow for Q2 to Q4 totalled £1.8 billion to more than offset the £1.6 billion cash outflow in Q1 when Jaguar Land Rover’s plants were closed for two months due to Covid.
JAGUARS TURNOVER CHAIN FULL
After these exceptional charges, the company reported a pre-tax loss of £952 million for the quarter and £861 million for the full year.įree cash flow of £729 million was generated in Q4 to achieve positive free cash flow of £185 million, after investment spending of £2.3 billion, for the full year. As previously communicated, this will entail £1.5 billion of exceptional charges in the fourth quarter, including £952 million of non-cash write downs of prior investments and £534 million of restructuring charges expected to be paid in Fiscal 2021/22. In February 2021 the company announced its new global strategy to Reimagine the future of modern luxury by design and deliver double-digit EBIT margins by Fiscal 2025/26. The improving performance mainly reflects recovering volumes, and favourable mix, cost performance (including lower marketing spend) and foreign exchange. The EBIT margin improved to 7.5% in Q4 and 2.6% for the full year, up 10.7 and 2.5 points respectively year-on-year. Pre-tax profit before exceptional charges increased significantly to £534 million in Fiscal Q4 and £662 million for the full year, reversing losses in the same periods a year ago which were impacted by the start of the pandemic. The award-winning new Land Rover Defender contributed significantly to retail sales, with 16,963 units sold in Q4 and 45,244 units for the full year.
Full year retails of 439,588 vehicles were still down 13.6%, although sales in China increased 23.4% year-on-year. This was supported by a strong recovery in China, where sales grew 127% over Q4 last year, when the impact of Covid-19 peaked in that market. The business continued to recover following the onset of the Covid-19 pandemic and retail sales in the fourth quarter were 123,483 vehicles, up 12.4% year-on-year. Whitley, UK, : Jaguar Land Rover Automotive plc today reported strong underlying profitability and cash flow for the three months to 31 March 2021 (Fiscal Q4), and solid results for the full year.
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