McLaren Racing has reported a loss of almost £71.5million for 2019.
While significant, the figure represents a £13m improvement on the previous year for the division of the McLaren Group that includes the Formula 1 team.
The accounts presented to Companies House and signed off by CEO Zak Brown, show a £62m increase in turnover up to nearly £186m, whilst there was also a £26m fall in operating loss down to £77m.
The team finished fourth in the constructors' championship in 2019, a rise of two places compared to its performance in 2018, with increased revenues from F1's prize fund playing a small part in the improvement of the accounts.
Since the end of 2019, the McLaren Group as a whole has been forced into a radical financial restructuring of the company as it was hit hard by the Covid-19 pandemic.
The Group was forced to acquire a £150m loan from the National Bank of Bahrain prior to the start of the season, while in December it secured additional investment from US-based sports investment group MSP Sports Capital of £150m and £35m from that company's strategic partners UBS O'Connor and Caspian.
The investment, according to Brown's strategic report, has "allowed all remaining intercompany debt to be cleared", which will be reflected in next year's accounts.
In his report, Brown stated: "As ever the key direct risks and uncertainties faced by the business are: continuing to be competitive in F1, ability to gain and retain sponsorship, control of the cost base of developing F1 cars and staff recruitment, and retention. All of these are obviously linked.
"The new regulations for 2021 and 2022 provide a significant challenge to all those involved in F1, however, with that comes opportunity.
"We believe the new partnership with Mercedes will provide a powertrain that will provide us with opportunities to achieve our objectives and challenge for positions towards the front of the grid in the near future."
But with a word of warning, he added: "With regard to the wider economic and sporting environment, clearly the impact of Covid-19 has been significant on 2020, although the introduction of strong testing and containment measures meant 17 races were still able to take place.
"Whilst we are now racing once again, and 23 races are scheduled for the 2021 season, the long-term impact on future years remains uncertain."
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