Jaguar Land Rover reports second quarter results for fiscal 2015/16

Retail unit sales of 110,200 vehicles were broadly in line with the prior year’s record second quarter.  Strong demand in the UK (up 9% year-on-year), mainland Europe (up 34%) and North America (up 23%) – particularly for the new Land Rover Discovery Sport and Jaguar XE – helped offset weaker sales in China and emerging markets. As a result, total revenues were stable at £4.8 billion, up 0.5% on the same period of Fiscal 2014/15.

Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) were £589 million, representing an EBITDA margin of 12.2% for the quarter.

Ralf Speth, Jaguar Land Rover Chief Executive Officer, said:  "Jaguar Land Rover has reported underlying earnings of almost £600 million in a challenging quarter.  We are continuing to execute on our sustainable growth strategy despite headwinds caused by currency fluctuations, an exceptional charge and softening of the Chinese market.  Indeed, over half of our range transitioned to all-new or model-year upgrades during the period, including the new Jaguar XE, XF and XJ as well as the Land Rover Discovery Sport and the Range Rover Evoque.

“This should position the company to deliver a solid second half and we remain committed to the ongoing expansion of our portfolio to meet global demand for our Jaguars and Land Rovers.”

For the three months ending Sept 30, Profit Before Tax was £88 million before a £245 million exceptional charge for damages to around 5,800 vehicles at the Chinese port of Tianjin, the site of a major industrial explosion in August this year.