BUS manufacturer Optare has announced revenues of £71.9 million in the 15 month period to March 31.

The business also made a loss before tax of £8.79 million.

The business, which has restructured its UK operations to a single site in Sherburn-in-Elmet, said it expects to be profitable by the end of the year.

Jim Sumner, chief executive, said: “From an extremely challenging position three years ago all the principle objectives of the turnaround plan have been achieved in terms of restructuring, new factory investment, low carbon product developments and re-financing.

“The benefit of this is showing in Optare's UK registrations which are up 62 per cent so far in 2012 and revenue annualising at over £100 million following record revenues for the past 3 months of £26 million.

“With increasing revenue, a lower single site cost base and the restructuring costs behind us the company is on course to move into profitability this year."

The company reported revenue of £52.3 million in the year ended December 31, 2010, and pre-tax losses of £6.51 million.