Who’d have thought it? Jaguar Land Rover, which struggled under Ford for so long, made £1.04 billion profit for the year ended March 2011 on a turnover of £9.91 billion. That’s three times what it made the year previous and came partly through a 26% increase in sales.
New owners Tata must be delighted — and rightly so. Consider that this turnaround comes at a time when costs are rising and most of the Western world, still JLR’s biggest market, is only now just pulling slowly out of recession.
These sales figures are also without the assistance of the Model Year 2012 Jaguar XF or the Range Rover Evoque, which is expected to lift JLR sales further by being available in 160 countries.
Who said the UK doesn’t have a manufacturing industry any more?