Jaguar Land Rover saw profits of £32m in the year to March, bouncing back from eye-watering losses the year before.
The numbers came alongside results from its Indian parent company, Tata Motors, showing sales up 31 per cent to £13.6bn, and profits of £378m compared with losses of £310m last year. Tata Motors bought JLR for £1.7bn in 2008. In the first 10 months after the takeover, the Birmingham-based luxury car maker produced just 167,000 vehicles and recorded £280m losses.
In the year to March this year, JLR sold nearly 200,000 as the world economy improved. Demand for both Jaguars and Land Rovers is particularly strong in China: up by 38 per cent and 55 per cent respectively.
Despite long-term plans to close one of JLR's Midlands factories, the company has plans to hire another 275 UK staff.