UK: Lotus announces increased revenues
Lotus has announced increased revenues for the year ended 31 March.
The Proton subsidiary said that revenue was up 7.6% on the back of sales of 2,675 cars and increased Lotus Engineering and Lotus Lightweight Structures’ revenue, which were up by 30%.
In a statement the company said that 'the financial performance for the past financial year was in line with the projections in Group Lotus’ five year business plan'.
Group Lotus Chief Executive Officer Dany Bahar said: “We continue to tick all the boxes, we have met every financial target that has been set and we are on track with all our major benchmarks. People love to focus on the controversy but we believe that the figures speak for themselves - our plan is working and this is just the beginning.”
Dato' Sri Syed Zainal Abidin B. Syed Mohamed Tahir, Managing Director of Proton, Group Lotus shareholder, said: “Naturally we are very pleased with the results and the overall performance of Group Lotus, the current management structure is proving highly effective. Our relationship with Lotus continues to go from strength to strength and we are very optimistic about our long term future together. The recent announcement of our plan to work together on the global small car are a clear indication of the mutual benefits of our partnership.”
The Norfolk-based company is embarking on an ambitious GBP500m expansion plan funded mainly by its parent company, Proton, oil company Petronas and a consortium of Malaysian banks to turn it into a rival for Porsche. The company has unveiled a raft of future models to enable it to compete in more segments of the sports car market and triple vehicle output to a level approaching 10,000 units a year.