McLaren announces profits, Turnover and income for the last business year, all is great.

McLaren Automotive accelerates to fourth consecutive year of profitability from record sales in 2016; confirms business plan on track with launch of new Super Series and Sports Series models

• Record 3,286 McLaren cars sold in 2016 drives 70% increase in profit before tax
• £65.8M operating profit for period is 180% gain on 2015 and fourth consecutive year of operating profit in only sixth year of selling cars
• Sales revenues of £649.8M in 2016, up by 44%
• Turnover of bespoke sales division, McLaren Special Operations, grows by 147% compared to 2015, with Aftersales revenue also increased, by 37%
•  Continued significant investment in Research and Development, at £129.1M (20% of turnover) in 2016
• Workforce grows by further 8%, to manage company growth and meet product demand
• Track22 Business Plan confirmed as on track to deliver ongoing success for McLaren Automotive as a manufacturer of luxury sportscars and supercars
• First car launched under Track22 was McLaren 720S, in March 2017; sold out for this year with 1,500 orders taken
• Second car is new McLaren 570S Spider, which makes world debut at Goodwood Festival of Speed as the first convertible in the McLaren Sports Series

British sportscar and supercar manufacturer, McLaren Automotive, today announces yet another record-breaking year in respect of vehicle sales and financial performance.

Profit before tax of £9.2M from an annual sales revenue of £649.8M in 2016 gave McLaren Automotive a fourth consecutive year of profitability in only six years, since start of sales in 2011.  This was an increase in profit before tax of 70% compared to the £5.4M reported in 2015.

Operating profit of £65.8M in 2016 was the company’s highest ever, standing at 10% of turnover and representing a 180% increase over 2015. The strong financial performance in 2016 was underpinned by record sales, with a total of 3,286 cars purchased; this was a 99% increase over 2015 and exceeded the company’s own expectations by almost 10%, with all geographic regions achieving sales growth. 

“The positive financial performance in 2016 was underpinned by a 44% increase in sales revenues and is further proof that McLaren Automotive’s growth plans are both achievable and sustainable,” said McLaren Automotive Chief Executive Officer, Mike Flewitt. ”Investment in R&D and future product during the period of £129.1M – 20% of turnover – reaffirms our commitment to the Track22 Business Plan that will produce 15 new models or derivatives by the end of 2022 and the focus going forwards will be on successfully delivering these new products and managing continued profitable growth.”

In its first full year of production, the Sports Series family accounted for 2,031 deliveries, the majority of which came from the recently-introduced McLaren 570GT and 570S models.  The Super Series also continued its success story thanks, in large part, to the McLaren 675LT Coupé and Spider models. Having both sold out in a matter of weeks, the limited production, even more driver-focused and higher-performance derivatives of the Super Series started production in mid-2015 but continued through 2016.  In total, 1,255 Super Series cars were sold in 2016.

In March 2017 the second-generation McLaren Super Series, the new McLaren 720S, was launched. The new car generated immediate customer interest and some 1,500 orders have been taken to date.  A new convertible Sports Series model, the 570S Spider, was announced on 14th June 2017 and makes its world debut this week in the UK at the Goodwood Festival of Speed.

“The McLaren Automotive business continues to perform strongly, with 2016 returning a fourth consecutive year of positive financial results,”  said McLaren Automotive Chief Financial Officer, Paul Buddin. ”Profit before tax was up by 70% to £9.2M, from our highest-ever operating profit of £65.8M, an increase of 180% over 2015. These results were driven by vehicle sales totalling 3,286 in 2016 – 99% up year-on-year and another record – and significant growth in revenues from McLaren Special Operations (MSO) and McLaren Automotive Aftersales operations.”

Sales increases in all regions

Geographically, in 2016 North America continued to be McLaren Automotive’s single largest market with deliveries of 1,139 cars, a 106% increase over 2015. Europe ended 2016 selling 996 cars in total, an increase of 153%, whilst the rapidly-developing market in China sold 228 cars in total.  The Asia Pacific region grew by 90% while the newly combined Middle East, Africa and Central and South America region grew by a notable 69%.  In addition, the global footprint of the McLaren retailer network continued apace in 2016, with new dealer facilities opened in Bristol (UK), Boston and Palm Beach (USA), Gold Coast (Australia) and Fukuoka in Japan.

In parallel with the vehicle sales success, McLaren Automotive also saw substantial growth in non-car-related activities.  McLaren Special Operations (MSO), the company’s bespoke division, posted an increase in revenue of 147%, while the Aftersales function recorded turnover growth of 37% for the year.

”2016 was an extraordinary year for McLaren Automotive, with a near-doubling of sales and the completion of our 10,000th car,”  commented McLaren Automotive Executive Director – Global Sales and Marketing, Jolyon Nash. “While we will never again see another jump in sales volume of this magnitude, the reception to the new 720S and the new 570S Spider has been incredibly positive and initial orders for both are beyond our expectations. Having the new, second-generation Super Series and the first-ever Sports Series convertible in showrooms will give every one of the 80 McLaren retailers worldwide the opportunity to contribute strongly to another record year for the McLaren Automotive business in 2017.”

On-going investment in Research & Development and new products

During 2016, McLaren Automotive invested £129.1M in new projects, across the Sports Series, Super Series and Ultimate Series product families.  The Track22 Business Plan sees McLaren investing an industry-leading percentage of turnover (20% in 2016) in R&D activities over the period of the plan. This will take the company towards its objective of producing more than 4,500 vehicles annually by the end of 2022, with at least 50% of these cars featuring hybrid powertrain technology.  The Business Plan also includes the development of a fully-electric powertrain for a concept car to evaluate its possible use in a future Ultimate Series. In 2016, the early prototype stages of the development work commenced.

McLaren Automotive is also investing in senior management infrastructure to support its product development plans.  Dr Jens Ludmann was announced in May 2017 as the company’s new Chief Operating Officer.  Reporting to the CEO, Dr Ludmann will oversee the launch of 13 new models or derivatives during the next five years and focus on further developing internal working processes, relationships and disciplines across Product Development, Purchasing, Supplier Quality Assurance and Manufacturing.

A year of transition for the McLaren Production Centre

The McLaren Production Centre (MPC), the sole location for the hand-assembly of McLaren Automotive sportscars and supercars, underwent signficant operational changes during 2016 calendar year.  A second shift was implemented in January to meet demand for Sports Series models, leading to the creation of 250 new jobs within the manufacturing, quality and logistics departments. This strategic development took capacity at the MPC from 10 cars a day to 20, supporting annual production in the region of 5,000 units.

McLaren Composites Technology Centre to bring chassis production in-house

McLaren Automotive announced in February 2017 that it will construct a new Composites Technology Centre (MCTC) that will be responsible for the development and manufacture of the Monocell and Monocage carbon fibre chassis used in future McLaren models.  Located in Sheffield, UK, the MCTC project is a partnership between McLaren Automotive, the University of Sheffield’s Advanced Manufacturing Research Centre (AMRC) and Sheffield City Council. Combined investment of approaching £50M will create the facility and more than 200 jobs.  When commissioned and running at full production from 2020, the MCTC is targeted to deliver cost savings of around £10M annually compared to today and the chassis supply will increase average percentage (by value) of a McLaren car sourced in the UK by around 8%, from its current average of around 50% (depending on model).

		2016	2015	% change
Deliveries to customers	Cars	3,286	1,654	99%
Employed	People	1,606	1,492	8%
Sales revenue	Million GBP	649.8	450.6	44%
Operating profit	Million GBP	65.8	23.5	180%
Operating profit as % of sales		10%	5%
Profit before tax	Million GBP	9.2	5.4	70%
Profit after tax	Million GBP	7.3	2.8	161%
Capitalised development costs	Million GBP	129.1	123.9	4%
Capitalised investments as a % of T/O		20%	27%

McLaren Automotive has just built it's 10,000th car, the 570S Coupe, to be retained by McLaren.

McLaren Automotive has today celebrated the manufacture of its 10,000^th car from the McLaren Production Centre in Woking, England. The 10,000^th car, a McLaren 570S finished in Ceramic Grey paintwork from the McLaren Special Operations ‘Defined’ palette, rolled out of the Production Centre just over five years after the first car, a McLaren 12C, was completed.

Commenting on the moment that the car left the Production Centre, McLaren Automotive Chief Executive Officer, Mike Flewitt, said: “The production of the 10,000^th McLaren is a significant milestone in the short history of the company. 

The fact that it took us 42 months to build our 5,000^th car and just 22 months to build the next 5,000 speaks volumes about the pace of development of the company. Much of that development is thanks to the introduction of the Sports Series family of cars and it’s therefore fitting that the 10,000^th car is a McLaren 570S.”

In early 2016, a second shift was introduced into the McLaren Production Centre to cater for the increased volume thanks to the introduction of the Sports Series family, today comprising the 540C, 570S and 570GT. This took capacity at the Production Centre from 10 cars per day to 20 cars per day. 

2016 also marked the announcement of the company’s third year of profitability in the first five years it has been producing cars – unprecedented in the automotive industry. McLaren is also on target to almost double its sales this year  compared to 2015, from 1,654 cars last year to over 3,000 cars in 2016, of which over 90% will be exported. 

This volume increase is thanks, in large part, to the ramp up in production and success of the Sports Series models.

Like the McLaren Technology Centre, the McLaren Production Centre was designed by Foster + Partners and took 14 months to build, from breaking ground until the 18 July 2011 when the first car, a McLaren 12C, was approved for shipping. 

Since then, the McLaren Production Centre has been the only location where McLaren cars have been built, from the initial 12C and 12C Spider, through to the 650S and 675LT in the Super Series, as well as each of the 375 highly-bespoke McLaren P1^TM cars. 

Today, the McLaren Production Centre employs around 750 people out of a total of approximately 1,750 employed by McLaren Automotive.

The 10,000^th car will be retained by the company in its Heritage Collection.

McLaren Automotive now offers an extended warranty upto 12 years on its cars.

The McLaren Extended Warranty launched in 2014 can now be renewed up to the car’s 12th birthday. The enhancement recognises the increasing number of McLaren cars on the road, with more than 3,000 vehicles today having passed their third birthday, as well as the desire of many owners to retain ownership of their cars.

The policy, which previously could only be extended up to the car’s seventh birthday, covers the majority of factory-fitted components, giving customers the peace of mind that their McLaren will continue to perform in the same way as it was first created.

The McLaren Extended Warranty, available for Sports and Super Series vehicles, comes with a wide range of benefits including unlimited mileage cover, roadside assistance in selected markets and, in the event of claim, guaranteed use of McLaren Genuine Parts fitted by fully trained McLaren technicians.  The scheme is available for all new, existing and approved-used McLaren Qualified vehicles that have covered less than 100,000 miles and have been owned for a minimum of 90 days.  

Carl Whipp, Aftersales Director at McLaren Automotive commented:  “Owners want the reassurance that their car will still be looked after to the same standards with which it was built.  And they want to continue to enjoy their McLaren without worry.  Sometimes daily.  It’s for them that we launched the Extended Warranty and now with this further enhancement to the coverage period, it will continue to give complete peace of mind … right up to the car’s 12^th birthday.”

The McLaren Extended Warranty can be purchased directly from McLaren retailers*, and the cover can be acquired at any point in the vehicle’s life prior to the 10^th anniversary and for the duration of 12 or 24 months. 

*The policy is currently not available in Australia and China but plans are in place to launch the policy in these markets in 2017.

The following items are excluded from the McLaren Extended Warranty:

• General maintenance, scheduled servicing, and routine adjustments required by normal wear and tear and/or recommended by McLaren Automotive Limited, including any replacement parts and assemblies or other materials (including but not limited to, spark plugs, wiper blades, bulbs, filters, belts, coolant hoses, brake pads, lubricants, fluids, and filters) used in such services and adjustments
• Batteries, tyres, wheels, wheel balancing or alignment
• Paintwork, trim and upholstery or the deterioration of any other part, assembly or component as a consequence of wear and tear or exposure to the elements
• After market accessories or non-original equipment, components and systems not installed by a McLaren Retailer are specifically excluded from the coverage
• Any damage caused to any components by the use of incorrect or contaminated fuel
• The renewal of any clutch component due to incorrect adjustment, misuse or general wear and tear
• Water Ingress
• Software upgrades (unless part of a valid repair).

McLaren Milano celebrates the recent inauguration of its exclusive new showroom with the presentation of two important Sports Series models.

• McLaren Milano celebrates the recent inauguration of its exclusive new showroom with the presentation of two important Sports Series models for the Italian market
• McLaren 570S Coupé is the centrepiece of the McLaren presence in Bologna, at Pavilion 26 on stand 80
• McLaren 570GT, the most luxurious and refined Sports Series model, will be displayed in the “Fuori Salone”, situated outside of the show at the Palazzo Zambeccari

McLaren Automotive will present two Sports Series models at the Bologna Motor Show, the annual celebration of automotive passion in Italy that this year takes place 3^rd – 11^th December. 

Visitors to the show can view a McLaren 570S Coupé in Ventura Orange on the McLaren stand, while a McLaren 570GT in Onyx Black, will be on display at the ‘Fuori Salone’ taking place outside the show, in the courtyard of the historic Zambeccari Palace.

“’Passion drives us’ is our family’s motto and this is what we find both at the Bologna Motor Show and in McLaren’s DNA,” said Ado Fassina, Chief Executive Officer of McLaren Milano.  

“McLaren cars engage the driver in a unique way and are perfect for the Italian market, attracting owners who want to be part of an innovative and exclusive automotive experience.”

Featuring technologies derived from McLaren’s racing heritage and with supercar performance in the McLaren tradition, the 570S and 570GT are part of McLaren’s Sport Series range, the most accessible way into ownership of the brand’s sports and supercars.  

An ultra-light chassis, based around the MonoCell II carbon fibre structure weighing only 75kg, underpins each model and together with distinctive stylistic features and a wide selection of equipment, guarantees performance without compromise.

“The McLaren 570S Coupé is characterised by five key features, namely design, excellent aerodynamics, reduced weight, exclusive details and total driver involvement,” explained Ado Fassina. “The McLaren 570GT is the most refined McLaren yet, featuring extensive glass surfaces, increased luggage space and suspension and steering settings that ensure it is a comfortable car for everyday driving and longer journeys.”

Each Sports Series McLaren is hand-finished at the state-of-the-art McLaren Production Centre (MPC) in Woking, England. A suite of new optional content and a ‘By McLaren’ range of interiors highlight the levels of customisation available, as do the recently launched Design Edition and Track Packs available exclusively for the 570S Coupé.

Pricing starts from €191.500 for the 570S Coupé and €200.500 for the 570GT.

Further information on the Sports Series and the 570S Coupé and 570GT are available on the McLaren Automotive media website: cars.mclaren.press.

McLaren Automotive has released details of the new McLaren 570GT by MSO Concept debuting at Pebble Beach.

McLaren Automotive has released details of the new McLaren 570GT by MSO Concept ahead of its debut on the famed 18th fairway of Pebble Beach Golf Course at the Pebble Beach Concours d’Elegance, the world’s highest-profile competitive display of collector’s cars.  

The McLaren 570GT by MSO Concept will be displayed on the concept lawn where McLaren has previously displayed many of its concept and future models, most recently the McLaren P1^TM.

The McLaren 570GT by MSO Concept further accentuates the McLaren interpretation of a GT car.  

Previewing a collection of enhancements created by McLaren’s bespoke division MSO, which was itself launched at Pebble Beach in 2012, the car is the first example of the recently-introduced 570GT to receive the attention of McLaren’s finest team of craftsmen and designers.  

They have added styling, feature and material enhancements such as an Electro-Chromic Roof that are all destined to become available through the MSO Defined portfolio. 

Firstly, the McLaren 570GT by MSO Concept delivers an improved aural experience both for the driver and onlookers thanks to its new MSO Exhaust system. 

Manufactured from titanium and consequently 30 percent lighter than the standard stainless steel system, the MSO Exhaust takes learnings from the McLaren 675LT project, delivering a progressively richer and more characterful tone more immediately as the revs rise than the standard exhaust.  

The MSO Exhaust’s heat shields are also finished in a golden titanium nitride tint, visible through the rear air ducts, which naturally change color to a blue/purple as the system heats and cools through its cycle.

Externally, the McLaren 570GT by MSO Concept is finished in Elite ‘Pearl White’ paintwork.  Complementing the Pearl White finish is an MSO Piano Black package, delivering a deep gloss black finish to exterior details including the wheels, side skirt, front and rear and door inserts, as well as interior details.

Recognizing the heat of the Californian summer, the McLaren 570GT by MSO Concept features an Electro-Chromic Roof.  Currently in development for the 570GT, the Electro-Chromic Roof takes the standard-fit glass roof with UV-protective interlayer and adds a further electro-chromic interlayer.  

Using a touch-sensitive headlining, the Electro-Chromic Roof can be adjusted through five defined points from almost clear to a rich, dark tint, adding a further level of comfort, privacy and protection for occupants.

Completing the exterior treatment of the McLaren 570GT by MSO Concept are MSO Defined Full-Length Sill Panels in Gloss Carbon Fiber. These beautifully complex, gloss-lacquered option cover the entire length of the 570 GT’s sills.

Internally, the 570GT by MSO Concept features a ‘By McLaren’ luxury interior in Saddle Tan with an integrated 12-speaker Bowers and Wilkins Hi-Fi system.  

Harmonizing with the enhanced exterior carbon fiber content, the Concept features the MSO Defined Carbon Fiber Interior Pack in Gloss Lacquer. To complete the bespoke nature of the Concept, interior components, interior door inserts and tunnel sides are all finished in a rich gloss lacquer.

Paul Mackenzie, Executive Director of McLaren Special Operations, commented: ‘This is the second consecutive year that McLaren Special Operations has used the Pebble Beach Concours d’Elegance to demonstrate our capabilities on Sports Series cars. 

Last year, soon after the launch of the 570S, we showed the 570S ‘by MSO’ which featured the uniquely formulated Mauvine Blue paint finish coupled with a bespoke interior finished in Carbon Black leather with coordinating detailing, carried through from the exterior color. 

This year, closely following the reveal of the GT addition to the Sports Series family, we showcase the breadth of McLaren Special Operations personalization work, this time focussing on bespoke engineering design and components. With its Electro Chromic Roof especially, the McLaren 570GT by MSO Concept would be well suited to the needs and demands of customers in sunnier and warmer climates.’

The McLaren 570GT by MSO Concept builds upon the recently-introduced 570GT – the most luxurious and refined McLaren to date. Offering up to 13 cubic feet (370 liters) of storage, plus a suspension and steering that’s finely-tuned to deliver longer-distance comfort, the 570GT is the most road-biased McLaren to date with a focus on day-to-day usability.

The front luggage area provides 5 cubic feet (150 liters) of stowage, while a further 8 cubic feed (220 liters) of space is available behind the seats on the leather-lined Touring Deck. 

This additional space is accessed via the side opening Glass Hatch bringing the total storage space for the 570GT to 13 cubic feet (370 liters). The Glass Hatch opens on the curbside whether left- or right-hand drive and is framed by carbon fiber providing significant torsional rigidity.

Under the skin, the long-distance comfort is created by fine tuning of the suspension, including a reduction in spring rate stiffness of 15 percent at the front and 10 percent at the rear. 

Independent adaptive dampers can be dynamically adjusted through Normal, Sport and Track settings. In addition, the electro-hydraulic steering system offers a two percent reduced ratio, specifically designed to smooth out driver inputs at high cruising speed.

The 570GT is fitted with the McLaren-developed 3.8-liter twin turbo V8 M838TE engine. Power and torque output is 562bhb (570PS)and 443lb ft (600 Nm) respectively and power is delivered to the rear wheels via a seven-speed seamless-shift transmission with adjustment through Normal, Sport and Track settings to produce one of the most rewarding and engaging driving experiences in the sports car class.

In common with all McLaren models since the introduction of the MP4-1 Formula 1™ car in 1981, the 570GT uses a carbon fiber chassis. The MonoCell II debuted in the 570S Coupe, and is shared across the Sports Series models. Weighing just 165lb (75kg), the lightweight yet extremely stiff chassis contributes to a dry weight of 2,976lb (1,350kg).

This delivers breathtaking performance more commonly seen in the supercar segment: 0-62 mph (0-100 km/h) in 3.4 seconds, 0-124 mph (0-200 km/h) in 9.8 seconds, with a top speed of 204 mph (328 km/h). Despite supercar performance figures, there have been no sacrifices to the everyday drivability and practicality of the 570GT which returns 26.6 mpg (10.7 l/100 km) on the EU combined cycle and emissions of 249 g/km.

McLaren Automotive posts operational profit Record sales of 1,654 cars in 2015, expected to double in 2016.

• Mclaren Automotive celebrates fifth anniversary with record sales and financial results.
• Third year of profitability.
• Increases in research and development. investment and new shareholding.

• Five years since the first McLaren 12C left the McLaren Production Centre.
• McLaren Automotive posts operational profit 
• Record sales of 1,654 cars in 2015, expected to double in 2016.
• Investment in Research and Development increases to nearly 30% of turnover.
• Employee numbers increase by 16% to manage ongoing development and demand.
• McLaren Automotive welcomes a new investment and shareholder as a sign of future confidence.
• Track22 business plan points to successful future as an independent manufacturer of two-seater sports and supercars.

McLaren Automotive, the British manufacturer of luxury handcrafted sports and supercars, has celebrated the fifth anniversary of the first car rolling off the production line with another record-breaking year. 

Operating profits increased to £23.5M – the company’s third successive year of profitability - from revenues of £450.6M, with revenue projected to increase by 50% over the next two years and double by the end of 2022 – an unprecedented performance in the early years of a car company.  

2015 also marked the fifth successive year of increasing global car sales to 1,654 cars, supported by the launch of no less than five new models.

INDUSTRY-LEADING RESEARCH AND DEVELOPMENT 

2015 was another year of investment for the future of McLaren Automotive with a record amount of £123.9M spent on Research and Development. Similar levels of investment in previous years spawned, in 2015, a total of five new cars and the establishment of the three-tier product family – Sports Series, Super Series and Ultimate Series.

NEW SHAREHOLDER BRINGS EQUITY INVESTMENT TO FUND TECHNOLOGY DEVELOPMENT

The McLaren Automotive annual report also confirms an equity transaction of £49 million.  The new equity represents a total of 6.3% investment in McLaren Automotive from McKal Ltd. The Chairman of McKal Ltd is well-known to McLaren Automotive as an owner of two examples of the McLaren P1^TM as well as a frequent visitor to McLaren track events.

AN UNPRECEDENTED YEAR OF PRODUCT LAUNCHES

With a total of five new cars launched, and the unveiling of the Sports Series, Super Series and Ultimate Series product families, 2015 was an unprecedented year of growth for McLaren Automotive. It was also a transition year with the final McLaren P1^TM produced at the same time as the start of production of the new Sports Series models.

The Geneva Motorshow in March 2015 saw the revival of the famous Long Tail name from McLaren’s illustrious motor racing history with the introduction of the limited-volume McLaren 675LT Coupé in the Super Series. The Coupé was joined in December by a Spider variant. Like the Coupé, the Spider is limited to 500 cars and was sold out in just two weeks.

Following on from the iconic McLaren P1^TM, the Geneva Motorshow in March 2015 also saw the introduction of the track-only McLaren P1^TM GTR. Conceived in direct response to feedback from existing McLaren P1^TMowners, the McLaren P1^TM GTR was designed as the ultimate track car. Almost all of the limited run of McLaren P1^TM GTR cars were built in 2015, with a handful finishing construction in early 2016.

The reveal of the new Sports Series at the New York Autoshow in April 2015 was a pivotal moment in the short history of McLaren Automotive. Charged with more than doubling the company’s global sales volume in the coming years, the McLaren 570S Coupé was launched in New York and was closely followed by the McLaren 540C Coupé at the Shanghai Autoshow in April. The 570GT was added to the Sports Series family at the Geneva Motorshow in March 2016. In 2016, the Sports Series should support the overall company sales growth to a volume of more than 3,000 cars.

GROWTH IN RETAILER NETWORK AND EMPLOYMENT

To cater for the future demand, both the McLaren retailer network and its own employment grew in 2015. The McLaren global retailer network expanded to over 80 retailers covering 30 markets.  Twelve new retailers opened in 2015 covering important territories such as Seoul and Houston. 

Employment at McLaren Automotive also kept pace with sales developments with a total of 1,492 people employed at the end of 2015, an increase of 16% on the 1,283 working at the end of the previous year. The 1,492 headcount increased again substantially to about 1,750 in the early months of 2016 with the introduction of a second shift at the McLaren Production Centre and a further 250 new roles being created in the Production, Quality and Logistics departments. The second shift started in February 2016 with the new roles adding approximately 40 percent to the existing headcount in the Production Centre, and will take production rates from the previous 10 cars per day up to 20 cars per day by mid-2016.

TRACK22 DRIVES TOWARDS A SUCCESSFUL FUTURE

Looking forwards, McLaren Automotive has revealed details of its Track22 Business Plan, taking it through to 2022. With a continued focus on building the world’s finest two-seater sports and super cars, the business plan reiterates a commitment to its industry-leading 20-25 percent of turnover invested in Research and Development for future products and technology.  Over the six-year Business Plan period, this represents an investment of £1B and will lead to the launch of 15 all-new cars or derivatives. Of these cars, at least 50 percent will feature hybrid technology by the end of the Business Plan period and the company is also in the early prototype stages of the development of a fully-electric powertrain to evaluate its possible use in a future generation of an Ultimate Series car.

Chief Executive Officer of McLaren Automotive, Mike Flewitt, said of the financial results: ‘2015 was a critical year in the development of McLaren Automotive. The launch of the Sports Series opens McLaren up to an entirely new audience and will be pivotal in developing our sales volumes from the 2015 levels of 1,600 to nearly triple that number by 2020. For this to be achievable, we need to remain profitable but also continue to invest in our future product portfolio. In 2015, this amounted to £124M, nearly 30% of revenues. This level of commitment to investing in future products is core to our business strategy, as highlighted by the recently-announced Track22 business plan that commits us to investing £1B in research and development, delivering no less than 15 all-new cars or derivatives by 2022.’

		2015	2014	% change
Deliveries to customers	Cars	1,654	1,649	0.06%
Employed	People	1,492	1,283	16%
Sales revenue	Million GBP	450.6	475.5	(5.2%)
Operating profit	Million GBP	23.5	20.7	13.5%
Operating profit as % of sales	%	5.2%	4.4%
Profit before tax	Million GBP	5.4	14.9*	(63.8%)
Profit (loss) after tax	Million GBP	2.8	8.4*	(66%)
Capitalised development costs	Million GBP	123.9	91.9	35%
Capitalised investments as a %age of T/O		27.5%	19.3%

*as presented in the 2014 Statutory Accounts before changes in the UK generally accepted accounting provisions (GAP)