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12 November, 2008 - 09:11 By Staff Reporter

In the black Lotus back on track

One year into its five year plan, the Lotus Group in Norfolk has credited improvements in efficiency and "careful cost cutting", combined with increased consultancy income for its dramatic swing into the black.

The sportscar maker and automotive engineering specialist has turned £4.88m  full-year losses in 2007 into a £2m profit this time around, despite a 95 per cent increase in R&D investment. Chief executive Mike Kimberley said: “These results are a tremendous turnaround achievement for Lotus. 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.” Lotus Engineering was awarded 340 projects with over 140 clients worldwide.  The company said that customer demand had led to the creation of new departments focused on biofuels, electric and hybrid electric vehicles, with six different demonstration cars due to be delivered to global customers over the next year. As well as the development of new markets in China and the Gulf States,Lotus said that it will shortly be setting up a sales and technology alliance venture in India to deal with "the increasing level of work and enquiries from our automotive industry customers."

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