Key milestones driving our transformation this year were the launch of the most powerful and dynamic Range Rover Sport ever, the new Range Rover Sport SV and opening the order books for our first all‑electric Range Rover.

We have emerged stronger from the recent crises and are delivering our strategy at pace, with new leadership, more robust supply chains, increasing production, and improving financial performance. I am confident that with the desirability of our products, the skill and dedication of our people and the exciting portfolio of electric models on the business will continue to vigorously address the challenges encountered in 2024, and successfully reimagine our bright future in the year ahead and beyond.

The financial year ending 31 March 2024 saw many of the challenges we faced in previous years ease. Improved production and sustained global demand for our products led to us achieving our highest ever annual revenue and highest profit since FY14/15. Our record free cash flow of £2.3 billion allowed us to reduce our debt by repaying maturing debt and the completion of a $400 million tender for three of our bonds.