Published on August 11th, 2017 | by Daniel Sherman Fernandez0
Lotus delivers radical financial turnaround…its profitable now
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 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.