Sales are up up 57% in mainland Europe and six-fold sales growth in North AmericaLotus is now self-sufficient and sustainable and starting to make a profit.
This marks 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.
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.”
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