Luxury car maker Jaguar Land Rover has returned to profit for the second quarter of this year after seeing sales climb by more than 50 per cent.
In its latest financial results for the three months to September 30, 2020, the manufacturer posted retail sales of 113,569 units.
This was an increase of 53.3 per cent on the preceding three months but still down 11.9 per cent year-on-year because of the impact of covid-19.
The upturn saw JLR record a pre-tax profit of £65 million, compared with a loss of £413 million in quarter one, but a drop year-on-year from £156 million.
Revenue for the second quarter was £4.4 billion, up by 52.2 per cent on the previous quarter but down 28.5 per cent from pre-covid levels a year ago.
It said almost all of its all retailers were now open.
Total savings year-to-date are now £1.8 billion and JLR said it was on track to achieve its £2.5 billion target for the full year ending March 31, 2021.
Chief financial officer Adrian Mardell said: “We were pleased to see sales, profitability and cash flow significantly improve in Q2 from the prior quarter.
“While sales and profitability have not fully recovered to pre-pandemic levels in most markets, it was particularly encouraging to see China sales up year-on-year and global sales of the new Land Rover Defender starting to ramp up.
“Jaguar Land Rover is well placed to benefit from further market recovery in the second half and beyond.”
Jaguar Land Rover is headquartered in Coventry and has manufacturing facilities across the West Midlands and in Halewood, Merseyside, as well as abroad.
Work has recommenced at all of its plants.
Thierry Bolloré, who took over as chief executive in September, added: “Although Jaguar Land Rover is not immune to the headwinds impacting the global automotive industry, it has the foundations in place to generate long-term sustainable profitability.
“I have been encouraged by the strengths of the company, reflected by its brand appeal and the capabilities of its employees, that will enable it to seize new opportunities in a rapidly-changing industry.
“I am confident these qualities and a strong product strategy with a focus on financial discipline will equip Jaguar Land Rover to address challenges in the period ahead.”