McLaren Racing has reported a loss of £3.1m for the calendar year 2012, having made a profit of £22.3m in 2011.
The team’s annual accounts confirm that its costs increased and its turnover fell in a season that brought six GP victories.
Turnover was down from £172.3m to £165.7m, which the team says is “wholly due to the changing business relationship with former shareholder Daimler.” In 2011 Daimler and associated companies put £38m into the team, and in 2012, the figure given is zero. However, because Daimler is no longer a shareholder the accounts do not have to specifically outline dealings with Mercedes, which instead fall under the general income figure with sponsorship etc.
Meanwhile overall costs rose by £24m, which it says is “mainly due to increased driver costs, racing at more events and the increased travel, as well as the associated costs of conducting wind tunnel testing away from the company’s headquarters.” Costs are listed at £123.4m.
Regarding the loss of Vodafone at the end of this season, the team says “we are well into our search for a new title partner. Tellingly it adds that “looking forward the Honda arrangement will transform our business model.”
The team employed 597 people in 2012, up by just one on the previous year.
With Daimler now gone the shareholding is split between Bahrain’s Mumtalakat (50%), Ron Dennis (25%) and TAG Group (25%).