► Lotus announces profit…
► …but it’s not out of the woods yet
► Less of a loss-maker than before
It seems revealing a new special-edition sports car once every other day has done Lotus some good, as Hethel’s performance car brand has just reported a profit for the first time in quite a while.
Lotus has reported a £2m EBITDA (earnings before interest, tax, depreciation and amortisation) profit for the 2016/17 financial year, a massive improvement compared with a £16.3m EBITDA loss for the previous financial year.
Profit before tax has also improved; a £41.2m loss recorded in 2015/16 was downsized to £11.2m in 2016/17.
Now, these aren’t the best numbers for a car company, but it shows that Lotus is on its way up after years of financial hardship. It shows that Lotus isn’t out of the woods yet, but it is certainly on its way.
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Lotus boss Jean-Marc Gales hailed the latest results as ‘a proud moment’ for the company, and added that the recent acquisition by Geely ‘provides an environment in which the company can flourish.’
It may also mean some of the future plans outlaid by Jean-Marc Gales can come to fruition due to the improving financial health and investment (hopefully) from new owner Geely.
Check out our video review of the Evora Sport 410