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The McLaren Group has reported its figures for the first quarter of 2020, highlighting the impact that the coronavirus crisis is having on the organisation.
Q1 revenues reported in 2019 stood at £284 million, however this has decreased to £109 million during the opening four months of 2020.
Furthermore, a total of 307 vehicle sales were recorded in Q1 2020, down from 953 in 2019.
McLaren says that key reasons are the closures of dealerships which have prevented customers from making purchases, and the suspension at the production centre has delayed the delivery of the McLaren Speedtails to customers.
McLaren Applied Technologies also reported revenues down by £5.8 million which is “driven primarily by [the] completion of two large non-recurring projects in 2019”.
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McLaren furloughed approximately 3000 of its staff members due to the coronavirus pandemic and asked those who were not furloughed to take a 20% pay cut.
Earlier this week, it was announced that 1200 McLaren jobs would be slashed in order to save costs going forward.
The group has seen its pre-tax loss jump to £133 million from £18 million in 2019.
McLaren affirmed that it is expecting Q2 to be more in line with Q1, but is hopeful that it will report a stronger Q3 and Q4, depending on the recovery rate of the COVID-19 pandemic.
Revenues of its racing team were down by £4.4 million compared to 2019 due to the season not yet starting, however this was “partially offset by £4.1 million of increased sponsorship”.
The 2020 F1 season is expected to start in July in Austria behind closed doors.
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