The directors of Jaguar Land Rover Ireland believe its Shannon base can become a ‘central hub’ for the company’s global strategy.
It comes despite pre-tax profits for the company’s Irish division reducing by 36% in the year to last March.
New accounts for Jaguar Land Rover Ireland (Services) Ltd show that pre-tax profits reduced by 36% to €7.65m in the 12 months to the end of March last.
The drop in pre-tax profits came in spite of revenues increasing by €2.9m or 12% from €24.9m to €27.9m.
A reduction in ‘other operating income’ – made up of automotive engineering R&D tax credits and IDA grant income – from €9m to €6.4m was a large factor in profits declining.
Across fiscal 2021 and 2022, the company availed of R&D tax credits of €9.67m made up of €6.8m in 2021 and €2.84m in 2022.
In the two years, the firm received IDA grant income of €5.75m made up of €3.5m in 2022 and €2.18m in 2021.
Numbers employed at the company reduced from 251 to 240 but staff costs increased to €18.97m.
On the firm’s future developments, the directors state that the company’s objective is to bring certain software expertise and development capability in-house.
They state that with ongoing recruitment and the established team, JLR Ireland can become a “central hub for the overall JLR global software strategy”.
