McLaren announces £18.8m 2013 profit
The McLaren Group has announced an £18.8 million increase in pre-tax profit for 2013, as well as increased revenues of £268 million.
The Group's turnover increased from £249 million to £268 million last year, while also reporting a revenue increase of 7.5%, which it says is "significant progress" towards becoming a global high technology company which continues to invest in R&D. A press release announcing the figures on Thursday said this gave McLaren a "strong financial footing" and means it is well placed to achieve long-term growth.
Though much has been made of its lack of title sponsor this year, in 2013 McLaren enjoyed increased income from sponsorship and F1 prize money, while it continued to receive strong support from partners such as ExxonMobil, Santander, Tag Heuer and SAP. McLaren's technology projects in 2013 included supporting Team GB in its build up to the Winter Olympics and supplying electric systems to all teams in F1, NASCAR and Indycar.
McLaren Chief Executive Ron Dennis says he is pleased with the progress the Group is making financially and now wants to match it on the F1 track.
"McLaren has a long-term strategy to diversify the business by capitalising upon our world-class expertise and technology to target a wide range of industries outside Formula 1," Dennis said. "That approach is already helping us to increase revenues and, combined with improved income from Formula 1, demonstrates that McLaren is on a solid financial footing and is well placed to achieve significant long-term growth.
"Sadly, strong financial performance during 2013 was not matched by on track success. However, McLaren has a proud and victorious record at the pinnacle of Formula 1 and I am confident that the actions we are taking will enable the team to regain competitiveness in time. Our growing revenue and robust financial position will ensure that McLaren Racing has the resources it requires to win races, while enabling us to develop and expand the entire McLaren Group as an internationally recognised technology company."