McLaren Reports Profit Surge - Aston Martin Cuts 2023 Losses

McLaren records impressive profits, while Aston Martin F1 narrows losses, signaling strong financial recovery for both British teams in the 2023 racing season.

At Woking, the team currently leading the constructors’ championship reported a significant increase in revenue last year, allowing the racing team to achieve a profit of over €36 million.

McLaren’s latest financial figures show that the operation, which includes Formula 1, IndyCar, and Formula E teams, increased its revenue by 31% from 2022 to 2023, generating €517 million last year. The team attributed this rise to higher sponsorship revenues across all its teams and reduced interest payments. It posted a pre-tax profit of €36 million, compared to a loss of €12 million the previous year.

The on-track performance of its F1 team improved last year, moving from fifth to fourth place in the championship. The team has continued this upward trend, winning five Grands Prix and taking the lead in the constructors’ championship last month.

McLaren also revealed that its total energy consumption remained largely static between the two years, slightly dropping from 20.7 million kWh to 20.4 million. However, its greenhouse gas emissions rose from 4,159 tonnes of CO2 to 4,264 in 2023.

Meanwhile, Aston Martin’s Formula 1 team reported a post-tax loss of €30 million for its 2023 financial year, a significant improvement over the previous year, reflecting the gradual conclusion of heavy investments (factory, wind tunnel, simulator, etc.).

The post-tax position improved by nearly half compared to the previous year, and revenues saw substantial growth.

In 2023, Aston Martin F1 reported total revenues of €312 million, an increase of about 39% year-on-year.

The company’s operating costs also increased, though at a much slower pace, reaching €205 million last year, an increase of just under €24 million compared to 2022.

Aston’s operating loss was significantly reduced, falling from €63 million in 2022 to €21 million in 2023.

As a result, the team’s year-end position improved, with a post-tax loss of €30 million, a significant improvement compared to 2022, when it recorded more than double that loss.