Things appear to be looking up for Lotus, with the British carmaker announcing it has delivered a “radical financial turnaround,” finishing the financial year 2016/17 (FY2016/17) on a high note.

According to an official release, Lotus closed the year with positive earnings before interest, tax, depreciation and amortisation (EBITDA) of two million pounds (RM11,158,046). This is certainly a lot more promising compared to what the company endured during financial year 2015/16 (FY2015/16), where it faced a 16.3-million-pound (RM90,848,280) loss.

Even so, profit before tax was recorded as an 11.2-million-pound (RM62,405,319) loss in in FY2016/17, although this is an improvement compared to FY2015/16, which saw a loss of 41.2 million pounds (RM229,821,220). The company also recorded a profit before tax improvement of 10 million pounds (RM55,735,141) in the second half of FY2016/17, compared to the first six months of the year.

The company says it is focusing on the next stage of its business development, and aims to return to a full year profit for financial year 2017/18. It also credited the introduction of refreshed versions of its established model to this turnaround. Moving forward, Lotus is looking to launch products in new markets, including the United States, and revealed that there are 215 dealerships across the globe from just 138 in 2014.

“This is a proud moment for Lotus and to have achieved so much is testament to the hard work of all our staff. Our vastly improved profitability, together with an increase in revenue means that for the first time in many years Lotus is now a self-sufficient and sustainable business,” said Jean-Marc Gales, CEO of Group Lotus.