Lo­tus De­liv­ers Rad­i­cal Fi­nan­cial Turn­around

Com­pany is on tar­get for full year Profit Be­fore Tax for FY 2017/18

Golf Asia (Malaysia) - - SCENE -

Mark­ing a ma­jor mile­stone in the his­tory of Lo­tus Group In­ter­na­tional Limited (LGIL), the com­pany fin­ishes the fi­nan­cial year 2016/17 on plan. Lo­tus closed the year with pos­i­tive EBITDA of £2.0m, a ma­jor achieve­ment com­pared to 2015/16 where a £16.3m EBITDA loss was recorded. There has also been a sig­nif­i­cant im­prove­ment in Profit Be­fore Tax. From a £41.2m loss in FY15/16 to a £11.2m loss over­all in FY16/17, with the com­pany record­ing a Profit Be­fore Tax im­prove­ment of £10m in the sec­ond half of FY16/17 com­pared to the first six months of the year.

Look­ing ahead, it al­lows Lo­tus to con­cen­trate on the next stage of the busi­ness’ devel­op­ment, and a re­turn to full year Profit Be­fore Tax for FY17/18. Key to this turn­around has been the suc­cess­ful in­tro­duc­tion of a com­pletely re­vised prod­uct port­fo­lio, with new bench­mark sports cars within the Evora, Ex­ige and Elise model ranges to­gether with the new Lo­tus 3-Eleven.

Fo­cus­ing on its core strengths of en­gi­neer­ing and core brand val­ues, Lo­tus is now pro­duc­ing its strong­est ever line-up of cars, and the re­sults pave the way for fu­ture in­vest­ment and the devel­op­ment of new mod­els. Re­cently the com­pany has launched prod­ucts in new mar­kets, in­clud­ing the US, and opened new deal­er­ships across the globe, in­creas­ing from 138 sales points in 2014 to 215 to­day.

The road ahead for Lo­tus Com­pris­ing of Lo­tus Cars and Lo­tus En­gi­neer­ing, the Nor­folk based com­pany with 850 em­ploy­ees world­wide, im­proved qual­ity, re­duced costs and in­creased mar­gins re­sult­ing in the best sus­tain­able per­for­mance for the busi­ness for many years.

A vi­tal part of the re­turn to prof­itabil­ity has been the in­tro­duc­tion of sen­sa­tional new mod­els, based on Lo­tus’ renowned ve­hi­cle ar­chi­tec­ture. Re­flect­ing the com­pany’s turn­around, these are not only faster and more fo­cused than the pre­vi­ous gen­er­a­tion of sports car; they dis­til the essence of Lo­tus’ ap­proach to in­tel­li­gent en­gi­neer­ing. From the new Lo­tus Elise line up, in­clud­ing the sub­lime Elise Sprint 220, to the mighty Ex­ige Cup 380 and Lo­tus’ most po­tent road go­ing sports car ever, the Evora GT430, each clearly demon­strates the com­pany’s am­bi­tions for the fu­ture.

Lo­tus Evora GT430

Com­pris­ing of Lo­tus Cars and Lo­tus En­gi­neer­ing, the Nor­folk based com­pany em­ploys 850 em­ploy­ees world­wide

Lo­tus Elise Sprint Metal­lic Grey

Jean-Marc Gales, CEO, Group Lo­tus

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