Lotus Group International Ltd Financial Results

Year one of the new Group Lotus business plan yields positive results

Despite the challenging economic situation, Lotus is pleased to announce some positive results for year one of the five year business plan. Revenue for the financial year ended 31 March 2011 is up 7.6 per cent on the back of sales of 2,675 cars and increased Lotus Engineering and Lotus Lightweight Structures' revenue, which is up by 30 per cent. Overall, the financial performance for the past financial year was inline 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."