JLRformerly known as Jaguar Land Rover, posted better results for the fiscal year FY23 than the previous year.
It posted an EBIT (earnings before income and tax) margin of 2.4 percent for the full fiscal year 2023, an improvement over a negative EBIT margin of 0.4 percent for FY22.
Free cash flow was also in the black at £521 million (A$972 million).
Not every figure was positive, with an overall loss after tax of £60 million (A$112 million). However, that’s still £762 million (A$1.42bn) better than a year ago.
Revenue rose 25 percent over FY22 to £22.8 billion (A$42.562 billion), with JLR citing improved chip supply.
JLR also said it reduced net debt to £3.0 billion (A$5.6 billion) with cash of £3.8 billion (A$7.09 billion).
It says it has a total of 200,000 orders, with the Range Rover, Range Rover Sport and Defender representing 76 percent of the order book.
Retail sales for the full year were 354,662, down six percent from the previous year.
“For the coming fiscal year, while we are mindful of the remaining issues, our target is to increase our EBIT margin to over 6% and deliver very positive free cash flow to further reduce our net debt, while increasing investment to £3 billion,” said JLR interim CEO Adrian Mardell.
“With the collective strength of our people, we will continue to deliver on our Reimagine strategy.
“Demand for our exceptionally modern luxury vehicles remains strong and with a pipeline of highly desirable electric models on the horizon, I am excited and confident for our future.”
JLR is investing £15 billion (A$28 billion) over five years in its electrification and digital transformation, including converting its Halewood plant in the UK to electric vehicle production.
Although JLR only has one electric vehicle at the moment – the Jaguar I-Pace – its 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 introduced as the brand transitions to having an EV-only line-up by 2025.
Replacements for the current Land Rover Discovery Sport and Range Rover Evoque and Velar are expected to be electric only, switching to the new EMA architecture.