May 20, 2019

Jaguar Land Rover swings to profit after cost cutting

Jaguar Land Rover swung to a profit in the final quarter of its financial year, after rounds of cost-cutting at the UK's largest carmaker began to pay off. The business posted a £120m pre-tax profit from January to March, after £149m in redundancy costs, bringing to an end a streak that saw it report three straight quarters in the red. The group made a £3.6bn loss for the full year to March, in part due to a large writedown from the third quarter. The business made an annual loss of £358m once the writedown and the redundancy costs from the final quarter were taken out. The turnround programme has already taken £1.25bn of cost out of the business, said Ralf Speth, chief executive.

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