Breaking news
Formula 1
Renault F1 team makes first profit since 2009
The Renault Sport F1 team says it is on course with its five-year financial plan after making a modest profit in 2017 – the first time it has been in the black since 2009, when it was last under full Renault ownership.
Adam Cooper
Edited: Jul 11, 2018, 5:21 PM
Copy link
Share on Viber
Newly-released accounts from the company show that it enjoyed significantly increased income last year, turning the loss made by the Enstone team in its first year under renewed Renault ownership in 2016 into a profit.
The team had a turnover of £136.3m in 2017, up from £119.7m. It duly turned a loss of £3.3m in 2016 into a profit of £1.1m.
Prize money income was actually down after the team finished only ninth in the 2016 World Championship, having been sixth – as Lotus-Mercedes – in 2015. However, sponsorship revenues were up, contributing to the increased turnover.
The wage bill was up significantly after the average head count rose from 511 in 2016 to 606 last year.
The team makes it clear that it has invested heavily in improving the factory facilities, and that the process is ongoing: "Renault's long-term investment is further evidenced on the balance sheet where fixed assets have increased by £12m, on top of the £11.8m growth in 2016.
"Major capital investment will remain during 2018 to complete the ongoing Enstone site improvement as well as various other key projects to drive development and reinforce Renault's long-term plans to win the constructors' championship."
The accounts also reveal that the team has net current liabilities of £96.4m "due to intercompany loans from Renault Group. This facility was extended to £125m on October 18th 2016."
Renault stresses that it is still on target with the five-year performance and business plan which it set out after it took over the team in December 2015, and which runs to the end of the 2020 season.
It notes: "The actual income and expenditure and business performance during the year ending December 31st 2017 has not resulted in a significant revision being required to the Performance and Business Plan."
We want your opinion!
What would you like to see on Motorsport.com?
Take our 5 minute survey.
- The Motorsport.com Team
Read and post comments
Read also :
Share Or Save This Story
Copy link
Share on Viber
Previous article Toro Rosso not happy with "rollercoaster" form
Next article Haas must stop throwing away points – Steiner
Top Comments
There are no comments at the moment. Would you like to write one?
View More & Comment
More from
Adam Cooper
RB: Tsunoda “mentally on a different level” in 2024
Formula 1
Formula 1
Japanese GP
RB: Tsunoda “mentally on a different level” in 2024
Andretti planning F2 and F3 entries to promote US talent to F1 team
Formula 1
Formula 1
Andretti planning F2 and F3 entries to promote US talent to F1 team
Andretti F1 team formally opens new Silverstone facility
Formula 1
Formula 1
Andretti F1 team formally opens new Silverstone facility
More from
Renault F1 Team
“I went back to the car and cried” – Esteban Ocon opens up about his unexpected year on F1 sidelines
Formula 1
Formula 1
“I went back to the car and cried” – Esteban Ocon opens up about his unexpected year on F1 sidelines
You Ask The Questions: Robert Kubica
Formula 1
You Ask The Questions: Robert Kubica
On this day: Michael Schumacher’s final unsportsmanlike manoeuvre
Formula 1
Formula 1
Monaco GP
On this day: Michael Schumacher’s final unsportsmanlike manoeuvre
Latest news
GTA VI 'Vice City' blimp to appear at NASCAR championship weekend
NASCAR Cup
NAS NASCAR Cup
Phoenix II
3 h
GTA VI 'Vice City' blimp to appear at NASCAR championship weekend
Verstappen Racing struggles to 15th as Porsche takes emotional Portimao pole
GT World Challenge Europe Endurance
WCEE GT World Challenge Europe Endurance 4 h
Verstappen Racing struggles to 15th as Porsche takes emotional Portimao pole
Franco Colapinto urges fans to stop the abuse: “You’re not helping me or my future”
Formula 1
F1 Formula 1
Singapore GP
9 h
Franco Colapinto urges fans to stop the abuse: “You’re not helping me or my future”
Gresini: New MotoGP rules won't increase gap between factory and satellite teams
MotoGP
MGP MotoGP
Indonesian GP
9 h
Gresini: New MotoGP rules won't increase gap between factory and satellite teams
Feature
Discover prime content
Subscribe and access Motorsport.com with your ad-blocker.
From Formula 1 to MotoGP we report straight from the paddock because we love our sport, just like you. In order to keep delivering our expert journalism, our website uses advertising. Still, we want to give you the opportunity to enjoy an ad-free and tracker-free website and to continue using your adblocker.
You have 2 options:
- Become a subscriber.
- Disable your adblocker.
Subscribe now Already subscribed? Sign in here
Already disabled your adblocker?
Reload page
Manage Alerts
Subscribe