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McLaren files financial loss
4 October 2013
McLaren has filed a financial loss for 2012 according to documents filed with Companies House, with the Woking-based team blaming a number of factors for dropping into the red.
McLaren Group made a £2.5 million pre-tax loss according to a report in the Guardian
, with the loss being blamed on higher costs, more races and the changing relationship with Daimler, which elected to sell back its shares in the F1 team after buying Brawn GP.
In total, the racing side of the business filed a loss of £6 million, which was offset by profits in other areas, with chief financial officer Andy Myers insisting that McLaren was prepared for the losses incurred.
"The key point is our strategy to move towards a diverse technology business,” he said. “We do make decisions in certain years to invest, recognising that we will not make a profit, but we take a long-term view and 2012 was one of those years.
"In racing this year we have not performed as well as we'd like but over the medium and long term we have performed and will continue to perform."
McLaren Automotive announced a reduction in losses from more than £59million in 2011 to under £11million thanks to increased sales and continued expansion.
While McLaren files a small loss, back-markers Marussia are set to become debt free next year, with backers set to invest the funds required to clear more than £130 million of debt before 2014.
The team lodged the biggest financial loss - £57.6 million - of any team last year.
"The figures make frightening reading at first glance," CEO Andy Webb told the Times
. "But we have restructured the way in which the team is financed so that we start this new financial year without any debt and a clear path, thanks to our investors.
"Our investors have met with some incredulity the way F1 costs are run. They were not expecting to enter a spending competition but they have put us on a solid footing and we are secure for future."