Ginetta sees 50% revenue growth

Ginetta G55 at the Campionato Italiano GT Mugello Circuit.

Ginetta sees 50% revenue growth

The Leeds-based car manufacturer has seen an increase in sales and revenue following a year of investment from parent company, LNT Group.

Ginetta saw its turnover increase by 48.5% to £9.2m in the year to 31 March 2017, making its first gross profit.

The firm continues to do well in expanding within its markets, and exporting internationally now makes up 30% of all new car sales.

LNT Group puts this down to increase expenditure in research and development which has improved the range of cars and piqued interest overseas, increasing demand from international markets.

The Group is hopeful that this popularity will continue and grow the brand even further as new models are brought to market.

LNT Group chief executive Matt Lowe said: “It's pleasing to see the investment in Ginetta translating into profitability.”

“We are still building our car range – with our new LMP1 to race in 2018 – but with our international reputation already firmly secured, we now have the technical and manufacturing capabilities to meet demand and take our place as a leading global race car brand.

“Part of our investment in Ginetta has also been the acquisition of Blyton Park circuit which will give many more people the opportunity to experience life in the fast lane behind the wheel of a Ginetta.

“We have already introduced the opportunity to hire cars and host corporate days, as well as driver training for the more advanced track day enthusiast or seasoned racing driver.”

Ginetta's yearly results come amid the LNT Group’s yearly accounts which includes its five other subsidiaries: LNT Construction, LNT Care Developments, LNT Software, LNT Solutions, and Ideal Carehomes.

All five of these companies seem to have progressed well with group revenue up 4.7% to £79.4m.

Matt added: "The success across the group this year has exceeded our expectations in a number of key areas. 

“We have a long-term vision for LNT which we have made significant progress towards this year.

"Working across such diverse sectors means no two days are the same at LNT but the love of variety and entrepreneurial spirit that runs through the Group is palpable as soon as you walk into the building.

“I am continually reminded of our employees’ ability to react to the changing environments in which we find ourselves, taking hold of opportunities and moving the business forward at pace.”