Lotus’s latest accounts show the team has greatly reduced its losses compared with its previous filing in 2013, when it posted a massive £64.9 million loss.
Whilst it has yet to submit its accounts to Companies House, Autosport reports they will be filed this week after a delay due to Renault’s takeover of the Enstone outfit.
The team underwent a range of cost-cutting measures implemented by new CEO Matthew Carter following the company’s huge loss, including redundancies and a cut back on car development.
That helped Lotus to reduce its losses to just £8.5 million in 2014, an 86 per cent drop, with just £3m of that relating to operations.
Lotus had to pay Renault £3.6m to exit its engine deal a year early, as it instead chose to partner with Mercedes, whilst a further £1.8m was set aside for redundancy payments.
An improved financial outlook for the team helped secure its place on the grid in 2015, however it’s believed those losses have since grown, putting it back at risk of falling off the grid, that was until Renault confimed this week that it had completed its takeover.
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