PSA has today said it has completed its turnaround plan in “record time”.

Revenues for 2015 was €56.3 million (£44.4m), up from €53.3m (£42.1m) in 2014, with the automotive division’s revenue rising 4% on 2014 to €37.5m (£29.6m), with the main causes cited as increase in net prices, an improved product mix of new models, cost cutting and favourable market conditions.

Net profit for the year was €1.2m (£947k), up €1.6m (£1.3m) on 2014.

"We have completed our plan in record time thanks to the involvement of the entire company and its stakeholders," said Carlos Tavares (pictured), chairman of the PSA Peugeot Citroën managing board.

"I am delighted with this collective success. It puts our company back in the race and proves its potential.

“In an unsettled international environment, agility and operational excellence are key to success. We will be able to harness this strength when implementing our new plan for profitable growth."

In 2014 PSA posted a €555m (£438m) loss. Its turnaround plan was called ‘Back in the race’.

Now, with €3.8 billion (£2.99bn) in operational free cash flow generated in 2015, PSA has exceeded its target of €2 billion (£1.6bn) for the 2015-2017 period.

The objective was to reach an operating margin of 2% for the automotive division in 2018, targeting 5% within the next mid-term plan 2019-2023.

That target was also exceeded ahead of schedule, with the automotive division reporting a 5% operating margin in 2015.

PSA Peugeot Citroën will present its “plan for profitable growth” on April 5.