More cars being sold, an improvement in Profit Before Tax and more said to be on the way
Now PH knows very little, really, making even the simplest of press releases somewhat of a challenge. When it’s a financial press release, however, we really start to struggle. But bear with us, as it sounds like a lot of good news for Lotus. And if it’s wrong, please tell us where...
Under the banner of ‘Lotus delivers radical financial turnaround’, the important numbers from Hethel are as follows: Profit Before Tax has improved from a loss of £41.2m in the Financial Year (FY) 2015/2016 to £11.2m in 2016/17, with an improvement in the Profit Before Tax of £10m for the second half of 16/17 compared to the first six months. The Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) of Lotus was £2m for 2016/17, which looks very good against a £16.3m EBITDA loss for the previous financial year. This has been thanks to a 57 per cent increase in European sales and six-fold rise in the US; there are now 215 Lotus dealers globally too, a rise from 138 in 2014.
So it looks like the new model blitz has been a success! Clearly there is still progress to be made but there are a lot of positive signs here. Jean-Marc Gales said of the news: "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". What will those be? Well we know an Evora Roadster is on the way, plus there’s the SUV as well, and a new Elise is rumoured for around 2020 too. What else would you like to see?
Exciting times ahead for Lotus by the sounds of it then; we can’t wait to see what comes next!
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maybe they should produce a special edition to celebrate...its been a week since the last one anyway
CitTone11 Aug 2017
An SUV......gods help us all.
spikyone11 Aug 2017
An SUV......gods help us all.
My thoughts exactly. I want to see Lotus as a profitable, successful business - but not like that. More than anyone else I can think of, an SUV really does not fit with the Lotus brand.
Great news on the improved fortunes though. Some will criticise Lotus for the regular "new" model introductions, but right now they're delivering quality as well as quantity and the entire range seems to be absolutely brilliant. The Evora roadster looks like another beautiful piece of kit, how did I miss that story?!
Justin S11 Aug 2017
Nobody saw Porsche with an SUV many years ago and look where they are with that now. As for a new Elise. I put my money on an alloy structure the same as an S1 and S2 and a slightly different plastic body on top and call it new.
HustleRussell11 Aug 2017
The eastern market love following western consumer habits and love a prestigious western brand so if the Lotus SUV is competitive in the market expect it to sell like hot cakes in Asia.