Jaguar LandRover - comment

JLR reported another quarter of impressive headline sales numbers, with wholesale sales of c.97k, up 29% versus Q2 last year, and 4% against Q1. The order book was reduced by c. 17k, as expected, as JLR can fulfil more orders, but remains elevated at 168,000 client orders due to Range Rover, Range Rover Sport and Defender demand remaining strong (77% of the order book). 

Full Q2 results will be posted in early November when the Company expects to present c.£300m in positive free cashflow. Bonds continue to trade in a tight range on the back of recent strong sales and earnings.