Lotus has reported group earnings before interest and tax of £2.7 million for the year ended March 2003 on turnover of £154m, which compares with a loss of £16.6m in 2002 and a loss of £42.2m in 2001.

The profit came from client work done for OEMs by Lotus Engineering, while the Lotus Cars business which builds the Elise and Vauxhall's VX220 recorded another loss. To improve its fortunes, Lotus Cars plans to double Elise production from the current approximately 2,000 units a year, with markets including the US (where the Elise will carry a Toyota engine), Japan, Mexico and Russia in the company's sights.