McLaren Automotive today reported both an operating and pre-tax profit for the first time in 2013, during only its third year of car production.
- Profit before tax – £4.5m
- Operating profit – £12.4m
- McLaren Automotive’s next model, codenamed P13, to go on sale during 2015
- Limited run of track only McLaren P1 hypercar confirmed for introduction in 2015
According to McLaren Automotive, the improved profitability is a result of a longer term business model, which is able to invest continuously in R&D in order to develop and sell its technologically-advanced high performance cars.
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As a result of on-target global car sales, McLaren Automotive’s revenues rose by £18.8m to £285.4m in 2013. The company delivered 1,359 12Cs and 36 examples of the McLaren P1 during the year.
In line with its long term business plan, the company has continued to invest in the infrastructure, personnel and new technology required to support future growth. McLaren Automotive’s spend on R&D and the development of new models increased by £2.5m to £70.6m in 2013.
In 2013 McLaren Automotive also continued to expand its geographical reach, opening 13 new showrooms and growing its global network to 50 retailers in 28 international markets. This included opening four new retailers in China in: Shanghai; Beijing; Guangzhou and Chengdu. The company plans to open another 20 retailers during 2014 and to have over 100 locations in its global network by 2018.
Commenting on the results, Ron Dennis, chief executive and chairman of the McLaren Group and chairman of McLaren Automotive, said: “Since launch, McLaren Automotive has outperformed predictions and rivals, setting new benchmarks in the sportscar market with a range of models that push boundaries through innovation and technology, while remaining true to the core values of the brand. The latest financial results, and returning a profit so early in the life of the company, are a real credit to the tremendous team within McLaren Automotive, and reflect their hard efforts.”
The company also confirmed its nextsportscar, codenamed P13, will be available before the end of 2015 and will take its range into a lower price-point. While the actual figure has not yet been released for the mid-engined two seater, Mclaren is saying the new price point will make the car “more accessible, while retaining its commitment to excellence, performance and innovation.” McLaren is expecting to produce about 4,000 P13 units per year.
At the other end of its range, McLaren Automotive has also confirmed that it will produce a limited run of track-only editions of its award winning McLaren P1 hypercar. Available only to clients who have ordered one of the 375 road legal versions, the car will be the company’s most powerful car yet. It will also be its rarest.
Mike Flewitt, chief executive of McLaren Automotive, added: “These results demonstrate that we have also established a profitable long term business, which is able to invest heavily in R&D, recruit the best people and ultimately create world class products. In a highly competitive market, we have laid solid foundations for future success.
“We are now focusing upon the road ahead. The McLaren 650S is already selling extremely well with over 1000 orders received and P13 is a very exciting project, which will help us to access new markets and customers, grow our sales volumes and ultimately increase both revenue and profitability. I am confident that by maintaining our commitment to innovation and excellence McLaren Automotive has an extremely bright future.”