The McLaren F1 team posted a £25 million ($37.6m) loss in 2014, down from a £15m ($23m) profit in 2013, as a result of one-off costs and a downturn in performance, which saw the team fail to win a single race and secure just two podium finishes.
The company’s accounts show the overall McLaren Group made a loss of £16.3m ($24.6m), compared to a profit of £12.6m ($19m) in 2013, with much of that attributed to the Formula 1 team, rather than the 17 other companies it holds a stake in.
One-off costs were the driving force behind a reduction in profit for the outfit, whilst their on-track performance also had a negative impact, helping to drive revenue down by 6.8 per cent to £184m ($277.6m) according to Forbes.
The team were forced to pay Mercedes severance of £35.8m (£54m) as it switched to Honda power – a move which has yet to pay off for the team.
Meanwhile its records show a one-off £10m ($15.1m) payment for “compensation for loss of office of a director”, which refers to the dismissal of former team principal Martin Whitmarsh, who was replaced by Eric Boullier and chairman Ron Dennis.
It is however worth noting that without the one-off costs associated with its switch to Honda and Whitmarsh, the team would have recorded a profit greater than that of 2013, despite poorer on-track results.
