Wednesday, November 12, 2008
Lotus posts £2m profit after loss
Sports car manufacturer and engineering consultancy Lotus has recorded a £2m profit turning round a £5m trading loss last year.
The group, based at Hethel, Norfolk, said higher efficiency, cost cutting, a rise in sales and increased engineering work all made a contribution.
Chief executive Mike Kimberley said the results were a tremendous achievement.
The group is developing new vehicles and advanced engineering technologies to offer to the industry.
Cash reserves have increased to £8,223,000 because of shareholders' support for the new management, a statement said.
The profit of £2.023m meant Lotus Group International Limited had exceeded the first year target of its strategic five year plan, it added.
Mr Kimberley said the company was well placed to deal with "the new demands from our global consumer and business customers".
He said the demand for green and environmentally sustainable technologies had increased.
"Many of the world's car companies are working with us on alternative fuel vehicles, electric and hybrid vehicle solutions and lightweight structures," said Mr Kimberley.
DATED: 12.11.08
FEED: AW
