Jaguar Land Rover swings to £485m loss following cyber-attack

Jaguar Land Rover (JLR) has reported a pre-tax loss of £485m in its Q2 results, after the carmaker was hit by a cyber-attack in August.

The loss compares to a profit of £398m for the same period last year, covering the three months to 30 September.

JLR reported a revenue of £4.9bn for the Q2 period, a figure down 24% compared to Q2 last year, while its revenue across the H1 period reached £11.5bn, a figure down 16% compared to last year’s opening half.

The cyber-attack, which JLR announced at the beginning of September, forced the carmaker to shut down all its global systems and pause production lines. Manufacturing restarted on a phased basis from early October, with JLR confirming today that its production output is now back at a normal level.

However, the damage from the incident has seen JLR report £196m of “cyber related costs”, in addition to the headline loss.

The pause in production lines stemming from the hack was also a significant contributor to a contraction in the UK’s GDP in September, which fell by 0.1%. The Office for National Statistics (ONS) yesterday reported that if it was not for a 28.6% decline in car output, the UK economy instead would have grown by 0.1% during the month.

JLR CEO, Adrian Mardell, said the company had made “strong progress” in recovering its operations safely and at pace following the cyber-incident.

“In our response we prioritised client, retailer and supplier systems and I am pleased to confirm that production of all our luxury brands has resumed,” Mardell commented.

“The speed of recovery is testament to the resilience and hard work of our colleagues. I am extremely grateful to all our people who have shown enormous commitment during this difficult time.”



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