India's Tata Motors-owned Jaguar Land Rover has powered to half-year profits of over 1 billion pounds for the first time, boosted by global demand for the new Jaguar F-Type and Range Rover Sport.
Jaguar Land Rover said that it would invest 2.75 bn pounds in its products and facilities in the financial year to March 2014.
According to a report in the Telegraph, the Jaguar Land Rover surprised analysts with a better than expected 42 per cent rise in profits to top 1.08 billion pound for the six months to September 30.
In Britain, it is opening a new 500 million pound engine factory in Wolverhampton next year, with the creation of 1,400 jobs, while in September Jaguar Land Rover announced plans for further expansion of its Solihull factory in Birmingham.
The company said it would invest 1.5 bn pounds to support a new range of sports cars and cross-over cars featuring the latest in lightweight aluminium technology, a spend expected to create another 1,700 jobs.
Including these latest jobs, Jaguar Land Rover would have created almost 11,000 new posts in Britain over the past three years, the company said.
Jaguar Land Rover's performance compensated for continuing losses in the standalone Tata Motors car business.
The Indian company said: The weak operating environment in the India business was more than offset by the increase in wholesale volumes and richer product and market mix at Jaguar Land Rover.
Jaguar Land Rover said the figures reflected strong demand for the new and refreshed Jaguar and Land Rover line up, lifted over the period by the sales debut of the Jaguar F-type and Range Rover Sport and a strong Range Rover performance.
Revenues jumped 26 pc to 8.71 billion pounds, with retail sales volumes rising 16 pc year on year to 197,363 units.
The sales momentum accelerated in the second quarter when revenues leaped 40 pc to 4.61 bn pounds, with profits before tax reaching 668 million. Jaguar Land Rover made 1.68 bn pound profits on 15.8 bn pound revenues for the whole of its last financial year.
The latest figures highlight the transformation of