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McLaren (MHL) investor relations material
McLaren Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2024 earnings summary21 Nov, 2024
Executive summary
Revenue for the nine months to September 2024 rose 80% year-over-year to £618M, driven by a 55% increase in wholesale volumes and strong demand for new models, especially the 750S and Artura.
Launched the W1 supercar, all 399 units allocated at $2M each, with deliveries starting in 2026.
Net loss reduced to £85.5M from £279.5M year-over-year, reflecting improved operational performance and cost control.
Liquidity strengthened to £185M at September 2024, supported by a £135M share issue and a new $200M term loan facility.
North America and Europe led growth, while Asia Pacific volumes declined due to China market constraints.
Financial highlights
Wholesale volumes reached 2,429 units year-to-date, the highest in five years, up 55% year-over-year.
Gross profit rose to £159M (26% margin) from £14M (4% margin), driven by higher volumes and premium models.
Operating cash flow improved by over £300M to a £48M inflow, supported by EBITDA gains and working capital control.
Net finance costs decreased to £11.8M, mainly due to USD retranslation gains.
Liquidity at period end was £185M, including a new $200M term loan facility, with £160M undrawn.
Outlook and guidance
Full-year 2024 wholesale volumes expected at 3,200 vehicles, the highest since 2019.
Revenue growth rate anticipated to outpace volume growth due to a stronger product mix; Q4 margins and average revenue per vehicle may be slightly lower than H1.
Q4 EBITDA expected to rebound to Q1 and Q2 levels after a softer Q3.
CapEx for the full year projected at around £200M, focused on new model development.
Continued focus on working capital efficiency and sustainable profitability into 2025.
Supplier instability impact on future margins?
Strategy to rebuild Asia Pacific volumes?
Rationale for limited term loan drawdown?
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Frequently asked questions
McLaren Holdings Limited, headquartered in Woking, England, operates through several divisions with a focus on high-performance automotive and motorsports sectors. The company's prominent division, McLaren Automotive, specializes in the production of luxury supercars known for their advanced engineering and design. McLaren Racing, another significant division, competes in prestigious motorsport events including the Formula 1 World Championship. The company also engages in applied technologies through its McLaren Applied division, which innovates across various high-tech industries. Its shares are listed on the London Stock Exchange.
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