Lotus Delivers Radical Financial Turnaround
Company is on target for full year Profit Before Tax for FY 2017/18
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