The McLaren Formula One team have seen their revenues rise by 9.2 per cent to UK£75.9 million (US$94.5 million) in the first half of 2019.
A string of sponsorship deals for the UK-based racing outfit, including with Coca-Cola and British American Tobacco, contributed to the upturn in their financial fortunes. Another factor was their improvement on the track last season, with a sixth placed constructors’ championship finish securing them more prize money.
In contrast, the team’s revenue for 2018 reversed 36.5 per cent to UK£132.8 million (US$165.4 million), having finished a lowly ninth in the previous season.
Overall, the Formula One team represents 10.9 per cent of McLaren’s revenue, with 84.8 per cent coming from automotive sales and the remainder through its applied technologies division.
The McLaren Group as a whole saw its automotive division enjoy a UK£176.7 million (US$221.3 million) increase in revenue. Total revenue for the first half of 2019 jumped 36.4 per cent to UK£697.6 million (US$868.7 million).
The British brand did report a UK£21.7 million (US$27.1 million) pre-tax loss, though it narrowed by UK£53.8 million (US$66.9 million) on last year.
McLaren Racing returns to Formula One for this weekend’s Singapore Grand Prix as it looks to strengthen its grip on fourth place in the constructors’ standings, in what has been a productive first season with new engine supplier Renault.