McLaren enjoys massive $135 million turnaround
McLaren has reported significant financial improvements, annoucing that it has recovered from an AUD $111.8 million (£57.84m) loss in 2022 to a healthy AUD $25 million (£12.9m) profit last year.
McLaren's financial report covers its entire portfolio which includes its racing program in Formula One, IndyCar, Extreme E and Formula E.
The British firm reported a revenue of £327.892 million in 2022 which has increased to £431.082 million for last year. The company noted that the main factor for the singiciant increase of revenue was the increased commercial activity across all the races series.
The more encouraging results were also significantly boosted by the improvement in the constructors' championship in Formula One. The Woking-based squad finished fifth in the teams' standings in 2022, and it ended up fourth last year.
Despite the strong financial results in terms of revenue, McLaren's costs also increased. The administrative expenses accelerated from AUD $151.9 million (£78.573m) in 2022 to AUD $225.7 million (£116.756m).
The report also reveals McLaren raised almost £1 million through sales of heritage cars in 2023, less than a fifth of the income it enjoyed in 2022.
Speaking of the financial results, McLaren CEO Zak Brown noted: “The Group is committed to focusing on consolidating its core operation processes across all Group companies in order to gain advantage from all of the racing series,” the directors’ report highlighted.
“Specifically, within the Electric Racing market, to further drive the strategic, commercial and technical aspects to racing for the overall Group.
“This presence into the sustainability market, gives a point of difference to the fans, partners and people, by continuing to drive revenue across all series by leveraging fan engagement in the sports.”
