McLaren saw its sales, turnover and profits rise last year as the UK-based sports car maker banked an operating profit (before tax) of £20.7 million and recorded margins of 4.4%.
The company claims its performance is "considered unprecedented in today’s motor industry” because brand sales only began four years ago.
In 2014, the company sold 1649 vehicles, up 18% on 2013, when 1400 cars were sold. Of those, 248 were P1s, which retailed from £866,000. However, three-quarters of the P1s were specified highly enough to drive the average purchase price beyond £1m.
This is thought to account for the big jump in McLaren’s 2014 turnover, which rose to £475m from £285m in 2013. It also drove operating profit up by 68%, from £12.3m to £20.7m.
Although profits remain modest in automotive terms, investment in research and development is rising steadily, according to the company. McLaren invested £67m in 2013 and £91.8m in 2014. This year the investment is expected to rise to £120m, or some 20% of the company turnover.