£2million Profit for Lotus
Hethel firm defies economic downturn to record a profit
Lotus has announced a £2million profit for the last financial year. The previous year (April 1 ’06 to March 31 ’07) the company recorded a loss of almost £5million, showing a dramatic turnaround in fortunes. Lotus says this is down to improvements in efficiency, careful cost cutting, combined with steady sports car sales and increased 3rd party engineering consultancy sales.
Mike Kimberley, chief executive for Lotus Group International Ltd and Group Lotus plc said: ‘These results are a tremendous turnaround achievement for Lotus. I would like to thank all Lotus staff for their exceptional dedication and hard work to ensure the effective turn-around of the business.
‘We are also tracking our strategic five year plan which enables Lotus to deliver an exciting new range of vehicles, develop and sell new advanced technologies through our extensive global operations and engineering client base and ultimately put Lotus on a greener and firmer footing and a consistently profitable commercial basis for the future.’
Investment in Research and Development and new products has risen by 95% at Lotus. This investment includes advanced engineering research and development into future technologies and capitalised R&D into new product development including the new Lotus Evora and updates to the current Lotus line up of the Elise, Exige, Europa and 2-Eleven. The firm said that the ‘exceptional success’ of the 2-Eleven track car required production to be increased and transferred from Lotus Sport to the main Lotus assembly facility at Hethel.
2-Eleven selling well
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