McLaren Racing has announced a surge in profits as it continues to recover from the difficulties of the COVID-19 pandemic and efforts to return to the front of Formula 1.
The group that comprises efforts in F1, Indycar, Extreme E and Formula E has undergone radical transformation since 2020.
Following the impact of the pandemic, McLaren laid staff off and sold the flagship McLaren Technology Centre to Global Net Lease in 2021 to recoup costs.
Further stakes were sold in 2022 as part of an existing deal with MSP Sports Capital before McLaren’s largest shareholder, Bahrain Sovereign Wealth fund Mumtalakat, fully acquired the group in March 2024.
Increased sponsorship was behind a surge in profits for 2022, despite its on-track fortunes dipping compared to 2021, but 2023 proved to be a far more profitable year.
McLaren Racing announced a 31% increase in profits from 2022 to 2023, generating a healthy £431 million for the financial year, as its competitive form dramatically improved.
The increase in performance led to more sponsorship, a factor McLaren credits as a reason behind the surge, which returned it to a profit-making business.
After making a £9m loss in 2022, McLaren turned a profit of a staggering £30.4m, while its energy consumption fell from 20.7 million kWh to 20.4m.
Despite these minor improvements, greenhouse gas emissions rose from 4,159 tonnes of CO2 to 4,264 in 2023, not an ideal statistic as motorsport battles to become sustainable.
McLaren currently leads the F1 Constructors’ Championship for the first time in 2014, while its Formula E team claimed its first victory earlier this year.
