McLaren show remarkable £71 million turnaround in 12 months

McLaren has recorded an astonishing £71 million turnaround in just 12 months as it continues its rise on and off track.

The figures have been revealed in McLaren Racing's financial accounts up to December 31, 2023, and include all of its motorsport activities, predominantly F1, as well as IndyCar, Formula E, Extreme E and Esports.

In F1, following a slow start to the season, McLaren again delivered via upgrades on its cars from the Austrian Grand Prix, going on to finish fourth in the constructors' championship, with Lando Norris and Oscar Piastri collecting a combined 13 podiums.

In Indycar, there were 10 podiums from its drivers Patricio O'Ward, Felix Rosenqvist and Alexander Rossi.

Financially, as McLaren recovered from the Covid-hit campaign of 2020, it recorded a net loss (after interest and taxation) on its consolidated account of almost £58 million for the year-end 2022.

Twelve months later, McLaren Racing is boasting a net profit of almost £13 million. Overall revenue has increased from nearly £328 million to £431 million, "primarily as a result of increased commercial activity across all the race series", according to the accounts.

Significantly, the F1 team showed a profit for 2023 of almost £25 million, in this case before interest and taxation, compared to a £4 million loss the year before.

As a Group, wages and salaries have increased by £20 million, rising from £78 million in 2022, and are now just shy of £100 million.

With McLaren on course to potentially win its first constructors' championship since 1998, and with a strong list of sponsors on board, it can be anticipated that this year's accounts will likely show another healthy rise in profits when announced next year.