The McLaren Group made ?18.8 million pre-tax profit in 2013, it has been announced.

Total Group turnover, which includes McLaren Racing, increased from ?249m in 2012 to ?268m last year, while revenues grew by 7.5 per cent as it continued to "apply its cutting-edge technologies into new markets, while also increasing income from sponsorship and Formula 1 prize money".

"The Group made significant progress towards becoming a global and increasingly diversified high technology company," read a statement to the press.

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"It is on a solid financial footing, is continuing to invest heavily in R&D and is well placed to deliver future growth."

Ron Dennis, chief executive and chairman of the McLaren Group commented: "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.

"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," he added. "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."

The release also stressed that McLaren continued to be supported by a number of blue chip companies, such as SAP, ExxonMobil, Santander, Hugo Boss, GSK, Hilton, AkzoNobel, Tag Heuer and Diageo.

In addition it was noted that McLaren engaged in several technology projects, including supporting Team GB in its build up to the Winter Olympics and supplying electronic systems to all teams in Formula 1, NASCAR and IndyCar.

No mention was made of the fact that McLaren has still to confirm a new title sponsor for the F1 team following the end of the partnership with Vodafone - although the impact of that may only be seen in twelve months time, when the Group publishes its financial results for 2014. McLaren did say it was preparing to unveil a new title sponsor back in March, but to date there has been no announcement, although in April, Eric Boullier, McLaren's racing director, insisted it was "still happening".