The McLaren Technology Group just filed its accounts for the year ending December 31, and reported a pre-tax loss of £22.6million.
The company, which encompasses McLaren's production, engineering and racing activities, said it had slipped into the red as a result of a material revenue shortfall of approximately £13million associated with a loss of sponsorship and prize money following a disappointing 2014 race season, together with restructuring and development costs.
It its statement, McLaren Chairman Ron Dennis said: "Formula 1 is and always will be a core area of activity for us."
He also added that he aimed to make the firm about more than Formula 1, with the ambition of applying its motor racing technology and expertise to sectors such as energy, pharmaceuticals, and financial services.
With McLaren sinking to new lows this year in F1 as it endues the worst campaign in its history, more losses by the company must be expected. Dennis insists however that the F1 division would return to 'race-winning performance' in 2016.
McLaren is 50 per cent owned by Bahrain’s sovereign wealth fund, with Dennis and luxury goods group TAG each owning 25 per cent.
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