Sports car manufacturer Lotus hails a return to profitability
- Credit: Copyright: Archant 2016
Sports car manufacturer Group Lotus has hailed a milestone in the business after making a long-awaited return to profitability.
A strong second half to the year and accelerating sales in mainland Europe and North America helped the company deliver on its much-heralded turnaround plan.
It reported a EBITDA figure of £2m – a measure of a company’s underlying profitability – which represented an £18.2m improvement on the previous year.
It cut its full-year losses to £11.2m in 2016/17, an improvement on the £41.2m loss the year before. In a statement, Lotus said second-half pre-tax profits were £10m up on the first half of the year, putting it on track to make a full-year profit in 2017/18.
The EDP/EADT Top 100 company said the results allowed it to look ahead following its acquisition by Chinese car giant Geely, announced in May.
The car-maker, which is based at Hethel in Norfolk had repeatedly forecast it would return to profitability over the past year, as a three-year turnaround plan took effect.
Group Lotus chief executive Jean-Marc Gales said: “This is a proud moment for Lotus and to have achieved so much is testament to the hard work of all our staff.
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“Our vastly improved profitability, together with an increase in revenue means that for the first time in many years Lotus is now a self-sufficient and sustainable business.”