Thursday, 28 July 2016

McLaren Automotive sees sales doubling after 2015 profit drop

McLaren Automotive, which only began building its range of luxury sports cars for general sale in 2010, said on Thursday it was on course to double its sales volumes in 2016, but posted a drop in profits last year.

The firm, which builds all of its luxury models in Britain, blamed interest costs and foreign exchange fluctuations for a 64 percent fall in pretax profit to 5.4 million pounds ($7.2 million).

But the weakening of sterling ahead of the EU referendum, which has continued since UK voters backed leaving the 28-member bloc, could help its 2016 performance, McLaren’s CEO told Reuters in March.

The small luxury sports car manufacturer unveiled its 570 GT model earlier this year and has been ramping up its production and model line-up, expanding in a market segment traditionally dominated by rivals such as Ferrari (RACE.MI) and Aston Martin.

“The launch of the Sports Series opens McLaren up to an entirely new audience and will be pivotal in developing our sales volumes from the 2015 levels of 1,600 to nearly triple that number by 2020,” CEO Mike Flewitt said.

In 2015, the firm sold a record 1,654 cars, with prices ranging from about 120,000 pounds to more than 800,000 pounds and is hoping to broaden the brand’s appeal to new types of buyers, including more women, with its 570 GT model.

Read more: http://uk.reuters.com/article/uk-mclaren-results-idUKKCN10110A

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