McLaren Automotive generated an operating profit of £20.8 million (2013: £12.4 million, +68 percent) and a profit before tax of £15 million (2013: £4.5 million +233 percent).
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These profits were generated from turnover that grew from £285.4m in 2013 to £475.5m in 2014.
McLaren Automotive announced a second consecutive year of profitability four years since the company opened its first retailer and fourth year of sales growth and is predicting more following the launch this year of a quartet of new models and the establishment of a three tier product structure reinforcing its future as a British based manufacturer of luxury sports cars, and only luxury sports cars.
The company ended 2014 with record sales as it has done every year since it first began producing its current range of cars in 2010. A total of 1,649 vehicles were delivered to customers around the world, an increase of 18 percent over 2013.
McLaren Automotive has continued to focus on developing new product. During 2014 the Company invested £91.8m in R&D, up from £67m in 2013, which represents almost 20 percent of turnover. Looking forward, this percentage is expected to be maintained in 2015 as the company continues development of its model range.
The network of McLaren retailers grew to cover 30 markets with the additions of Chile, Scotland and Thailand. New sales outlets were also opened in existing markets bringing the total number of outlets to 71. More development is planned in 2015.
Growth was recorded across all four of the McLaren regional business units. The Asia-Pacific region saw the biggest rise with sales increasing by 80 percent over 2013 with 11 new retail locations across the region helping to fuel this growth. The North American market remained the largest market for McLaren accounting for more than 30 percent of overall sales, while sales in both Europe and the Middle East grew year-on-year by 10 percent and nine percent respectively.
The number of employees based across its global facilities increased by 25 percent against 2013 to a total of 1,283 employees. Of these, 33 percent are employed in engineering. ■