Lotus Delivers Radical Financial Turnaround
AddThis Social Bookmark Button
By: Lotus

Lotus Delivers Radical Financial Turnaround  •Profit Before Tax improvement of £10m in second half of FY 2016/17

•Positive EBITDA of £2m for FY 2016/17 (up £18.2m)

•Sales up 57% in mainland Europe and six-fold sales growth in North America

•Lotus is now self-sufficient and sustainable, and 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.

Lotus Delivers Radical Financial Turnaround  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 lineup 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.

Trending News
  • Porsche Announces Rennsport Reunion VI To Be Held September 2018
  • Mecum Auctions To Race Into Monterey With Historic And Championship-Winning Race Cars
  • BMW To Unveil World Premiere Of An All-New BMW Roadster Concept And The North American Premiere Of The Concept 8 Series
  • Off-Road Success And Sporty Debut For Toyota Racing Over Weekend
  • Subaru On The Podium At Red Bull Global Rallycross Atlantic City

    Announcing the news, Jean-Marc Gales, CEO, Group Lotus plc said, 'This is a proud moment for Lotus and to have achieved so much is testament to the hard work of all our staff. 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.'

    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.

    With an unsurpassed pedigree of building some of world's best and most revered sports cars, Lotus has recently developed new, highly desirable and profitable products. With its completely revised model range Lotus has reclaimed its position as the leader in pure, high performance benchmark sports cars centered on light weight, efficiency and driver engagement.

    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 distill 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.

    Jean-Marc Gales said: 'We have emerged from the last three years a fitter and more effective business, where we are fast in bringing new sports cars to market and agile in adapting to new opportunities. We are now in a perfect position to develop the next generation of Lotus sports cars and the 850 highly skilled staff at our headquarters in Norfolk and around the world who have such passion for the business and are ready to take the next steps in the exciting history of the company. The recent announcement that the Zhejiang Geely Holding Group Co. Ltd (Geely) has acquired a majority stake holding in Lotus provides an environment in which the company can flourish. This includes continuing the development of new vehicles and technologies, as well as growing sales internationally.'

  • Photo credit: Lotus
    posted on conceptcarz.com

    Recent News
    Birth Of A European Champion: Opel And Vauxhall Join Groupe Psa

    . The sale of Opel Automobile GmbH with its brands Opel and Vauxhall by General Motors to Groupe PSA has been finalized now. It is a historic day, said Opel Automobile GmbH CEO Michael Lohscheller.......

    I.D. Buzz Named '2017 Concept Truck Of The Year' At 16Th Annual North American Concept Vehicle Of The Year Awards

    -- For the second year in a row, a Volkswagen of America, Inc. concept – the I.D. Buzz electric vehicle-- has been named 2017 Concept Truck of the Year at the 16th Annual North American Concept......

    Curtain Comes Down On Another Record-Breaking Silverstone Classic

    The 2017 Silverstone Classic drew to a close Sunday (30 July), with another record-breaking day that included ten crowd-pleasing races, eye-catching anniversary parades and high-speed demos that sent......

    Racing, Rocking And Charitable Celebrities Star On Day Two At The Classic

    The racing action got underway at the 2017 Silverstone Classic today (29 July), with some breathtaking battles and wonderful wheel-to-wheel wizardry reminiscent of yesteryear complemented by a star-studded......

    Final Countdown To Epic Silverstone Classic

    This months not-to-be-missed Silverstone Classic (28-30 July) is all set to further enhance the massive three-day extravaganzas unrivalled status as the worlds biggest classic motor racing festival. Featuring......

    Mercedes-Benz Classic At Solitude Revival 2017 In Stuttgart: At The Centre Of The Brand's Racing History

    At the fifth Solitude Revival, Mercedes-Benz Classic will bring the great age of motorsport back to life on the legendary Stuttgart circuit with famous racing vehicles and drivers. Among the vehicles......

    Volkswagen Group Honours Its Best Suppliers

    – The Volkswagen Group presented the Volkswagen Group Award 2017 to its best suppliers yesterday at a ceremony in the Motorwerk Berlin. Before an audience of some 270 guests from 25 countries, Matthias......

    Sportiness In The Brand DNA: Game-Changer With Mercedes-Benz At Goodwood Festival Of Speed 2017

    With a dozen racing cars and sporty vehicles from over 100 years, Mercedes-Benz Classic sums up the motto of this years Goodwood Festival of Speed: Peaks of Performance – Motorsports Game-Changers......

    2017 Toyota Mirai
    2017 Toyota Mirai  2017 Toyota Mirai  2017 Toyota Mirai  2017 Toyota Mirai  2017 Toyota Mirai  
    2015 Jaguar XE
    2015 Jaguar XE  2015 Jaguar XE  2015 Jaguar XE  2015 Jaguar XE  2015 Jaguar XE  
    2015 Opel KARL
    2015 Opel KARL  2015 Opel KARL  2015 Opel KARL  2015 Opel KARL  2015 Opel KARL  
    2012 Volkswagen Cross Coupé Concept
    2012 Volkswagen Cross Coupé Concept  2012 Volkswagen Cross Coupé Concept  2012 Volkswagen Cross Coupé Concept  2012 Volkswagen Cross Coupé Concept  2012 Volkswagen Cross Coupé Concept  
    2012 Volkswagen NILS Concept
    2012 Volkswagen NILS Concept  2012 Volkswagen NILS Concept  2012 Volkswagen NILS Concept  2012 Volkswagen NILS Concept  
    2011 McLaren MP4-12C GT3
    2011 McLaren MP4-12C GT3  2011 McLaren MP4-12C GT3  2011 McLaren MP4-12C GT3  2011 McLaren MP4-12C GT3  2011 McLaren MP4-12C GT3  
    2001 Chevrolet Impala
    2001 Chevrolet Impala  2001 Chevrolet Impala  2001 Chevrolet Impala  2001 Chevrolet Impala  2001 Chevrolet Impala  
    2001 Dallara SP1
    2001 Dallara SP1  2001 Dallara SP1  2001 Dallara SP1  2001 Dallara SP1  2001 Dallara SP1  
    2001 Lotec Sirius
    2001 Lotec Sirius  2001 Lotec Sirius  2001 Lotec Sirius  2001 Lotec Sirius  2001 Lotec Sirius  
    2000 Ultima Spyder
    2000 Ultima Spyder  

    Vehicle information, history, and
    specifications from concept to production.

    Follow ConceptCarz on Facebook  Follow ConceptCarz on Twitter RSS News Feed

    © 1998-2017 Conceptcarz.com Reproduction or reuse prohibited without written consent.