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McLaren Group records £175million revenue drop
The McLaren Group has posted a revenue loss of £175million for the first quarter of this year compared to the same period in 2019. The figures obviously provide the backdrop to the company's announcement earlier this week that 1,200 staff are to be made redundant, representing a 30% reduction from its current 4,000-strong workforce across its three divisions of Racing, Automotive and Applied. Article continues under video Overall revenues have fallen from £284m in the first quarter of 2019 to £109m this year, while EBITDA [earnings before interest, taxes, depreciation, and amortisation] have dropped from £22m to £-80.5m. The main shortfall comes from Automotive as vehicle sales,...
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