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McLaren focusing for 2016 F1 rebound as it posts $25M Loss

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McLaren focusing for 2016 F1 rebound as it posts $25M Loss

McLaren focusing for 2016 F1 rebound as it posts $25M Loss

McLaren Technology group has revealed that it upturned from a $19 million net profit to a $24.6 million net loss 2014 on revenue which was down slightly at $412.3 million.

The Forbes reported that, The McLaren Technology Group, which changed its name from McLaren Group earlier this year, owns stakes in 18 companies.

They include a motorsport electronics firm, catering company Absolute Taste, an applied technology business and 3.7% of supercar manufacturer McLaren Automotive. The group is 25% owned by the Saudi TAG Group with 25% in the hands of its chief executive Ron Dennis and the remainder held by Bahrain’s Mumtalakat sovereign wealth fund.

Revenue at the F1 team declined 6.8% to $277.6 million and, according to its chief executive Jonathan Neale, this was “predominantly due to decreased prize monies and sponsorship.”

And the McLaren said its Formula 1 team remained its main focus..

“Formula 1 is and always will be a core area of activity for us.” said chairman and chief executive Ron Dennis.

“Performance continued to fall below expectations during 2014, and fifth place in the Constructors’ World Championship, together with no race wins, was disappointing,”

“We do not under-estimate the challenge and remain focused on returning to race winning performance during the course of 2016 season.”

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