Key information:
- Profit before tax - £4.5m
- Operating profit - £12.4m
- Turnover - £285.4m (up from £266.6m)
- Investment in future models - £70.6m (up from £68.1m)
- Turnover and profit both expected to grow in 2014
- McLaren Automotive’s next model, codenamed P13, to go on sale during 2015
- Limited run of track only McLaren P1™ hypercar confirmed for introduction in 2015
- McLaren 650S international sales already strong – more than 1000 orders received
McLaren
Automotive made both an operating and pre-tax profit for the first time
in 2013, during only its third year of car production. This is a
significant achievement for an independent British car company operating
in such a highly competitive global market.
McLaren
Automotive’s improved profitability proves the company’s longer term
business model, which is able to invest continuously in R&D in order
to develop and sell the world’s most exciting and technologically
advanced high performance cars.
McLaren
Automotive has also confirmed that its next all-new sportscar,
codenamed P13, will be available before the end of 2015 and will take
its range into a lower price-point - making McLaren more accessible,
while retaining its commitment to excellence, performance and
innovation.
P13
will be a comfortable, usable, and beautiful mid-engined two seater
sportscar, built around a carbon fibre chassis. It will be available in
more than one derivative and once fully on sale, McLaren Automotive’s
total annual production will increase to around 4,000 units per year.
At
the other end of its range, McLaren Automotive has also confirmed that
it will produce a limited run of track-only editions of its award
winning McLaren P1™ hypercar. Available only to clients who have
ordered one of the 375 road legal versions, the car will be the
company’s most powerful car yet. It will also be its rarest.
Commenting
on the results, Ron Dennis, Chief Executive and Chairman of the McLaren
Group and Chairman of McLaren Automotive said: “Since launch,
McLaren Automotive has outperformed predictions and rivals, setting new
benchmarks in the sportscar market with a range of models that push
boundaries through innovation and technology, while remaining true to
the core values of the brand. The latest financial results, and
returning a profit so early in the life of the company, are a real
credit to the tremendous team within McLaren Automotive, and reflect
their hard efforts.”
Mike Flewitt, Chief Executive of McLaren Automotive added: “McLaren
Automotive has already developed a deserved reputation for producing
the world’s most exciting and technologically advanced high performance
sports cars. But these results demonstrate that we have also
established a profitable long term business, which is able to invest
heavily in R&D, recruit the best people and ultimately create world
class products. In a highly competitive market, we have laid solid
foundations for future success.”
He added: “We
are now focussing upon the road ahead. The McLaren 650S is already
selling extremely well with over 1000 orders received and P13 is a very
exciting project, which will help us to access new markets and
customers, grow our sales volumes and ultimately increase both revenue
and profitability. I am confident that by maintaining our commitment to
innovation and excellence McLaren Automotive has an extremely bright
future.”
As
a result of on-target global car sales, McLaren Automotive’s revenues
rose by £18.8m to £285.4m in 2013. The company delivered 1,359 12Cs and
36 examples of the McLaren P1™ during the year.
In
line with its long term business plan, the company has continued to
invest in the infrastructure, personnel and new technology required to
support future growth. McLaren Automotive’s spend on R&D and the
development of new models increased by £2.5m to £70.6m in 2013.
When
McLaren Automotive was launched, it promised to unveil a new car or
derivative every year. It continued to deliver on that promise during
2013, with the launch of the McLaren P1™ at the international Geneva
Motor Show. The most technologically advanced car ever produced in the
UK, just 375 will be produced all of which sold out within six months of
being announced. Production began on schedule last September and more
than 100 are now in customer’s hands.
In
2013 McLaren Automotive also continued to expand its geographical
reach, opening 13 new showrooms and growing its global network to 50
retailers in 28 international markets. This included opening four new
retailers in China in: Shanghai; Beijing; Guangzhou and Chengdu. The
company plans to open another 20 retailers during 2014 and to have over
100 locations in its global network by 2018.
McLaren
Automotive began 2014 with the launch of the new 650S Coupé and
Spider. This was the first time in its short history that two models
had been launched simultaneously across all its 28 global markets. The
company is on track for even greater success in 2014, and the recent
appointment of Jolyon Nash as Executive Director, Global Sales and
Marketing, will further strengthen the team when he joins on 1 July 2014, bringing a wealth of experience of the luxury market.
The
Group expects to continue delivering strongly against its ambitious
growth plan during 2014. Total global sales volumes are expected to
remain broadly in line with 2013. However, both turnover and profit are
predicted to increase, driven by sales of the McLaren P1TM.
