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McLaren sees profits rise to £23 million
Tuesday 04th December 2012, 18:18 by Ryan Wood
McLaren's Formula 1 team enjoyed a 44 per cent rise in its annual profits in 2011 according to its latest set of accounts.
The outfit posted profits of £22.9 million thanks to a 15% increase on its 2011 turnover of £172.3m.
The prior financial year it made just £15.8m after the withdrawal of Mercedes' substantial backing which is believed to have cost the team upwards of £30m.
"McLaren's 2011 profits almost equal that of the now defunct HRT team's annual budget"
However increased sponsorship expenditure from title sponsor Vodafone, which according to the Express rose from £40.5m to £46.8m in 2011, accounts for a portion of the increase.
The team finished second in the Constructors' Championship in 2011, therefore they will likely see a drop in revenue when its 2012 accounts are posted next year after the team only managed third behind Red Bull Racing and Scuderia Ferrari - however a raft of new sponsors, including GlaxoSmithKline, should cover the estimated £10m dip in prize money.