McLaren named Britain’s leading growth company
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McLaren Automotive has been announced as Britain’s leading mid-market growth company in a national survey released today.
Following another record-breaking year for vehicle sales and financial performance, the creator of luxury sports and supercars has been ranked as the number one company overall in The Sunday Times Top Track 250 league table.
The Top Track 250 ranks some of Britain’s biggest companies by sales, growth and profitability.
McLaren Automotive saw sales rise 44 per cent to $1.2 billion in 2016 with profits more than doubling to $122m due to rising demand from North America and Europe.
Last year, the company sold a record 3,286 cars. A 2,100-strong workforce designs, develops and hand-assembles cars at its global headquarters at the McLaren Production Centre, in Woking, Surrey.
Profit before tax of $17m from an annual sales revenue of $1.2 billion in 2016 meant McLaren Automotive achieved a fourth consecutive year of profitability in only six years, since start of sales in 2011. This was an increase in profit before tax of 70 per cent compared to the $10m reported in 2015.
Operating profit of $122m in 2016 was the company’s highest ever, standing at 10 per cent of turnover and representing a 180 per cent increase over 2015.
“Following a record 2016 and successful new product launches this year, to be ranked top of the Top Track 250 is fantastic further recognition for McLaren Automotive," said Mike Flewitt, McLaren Automotive Chief Executive Officer.
"It’s also testament to each and every one of our dedicated and skilled 2,100 strong workforce, and indeed our valued global Partners and dedicated suppliers, that we have been able to achieve this and something we should all justifiably be proud of.”
As part of its long-term Track22 business plan, the company plans to release 15 new models or derivatives by the end of 2022. The first car launched under the Track22 plan was the McLaren 720S which has already sold out for this year with 1,500 orders taken.
Given McLaren’s proven track-record for technology firsts - from introducing carbon-fibre into Formula 1 to the P1 hypercar, the world’s first hybrid in that segment - the company is committed to investing heavily in research and development.
During 2016 alone, McLaren Automotive invested $239m in new projects for its three defined product families, the Sports Series, Super Series and Ultimate Series.
This will take the company towards its objective of producing more than 4,500 vehicles annually by the end of 2022, with at least 50 per cent featuring hybrid powertrain technology.
McLaren Automotive is the largest part of the newly formed McLaren Group, a single corporate structure that also includes a Formula 1 racing team and technology business.