Mercedes generate £474 million in turnover in 2022 regardless of shedding F1 titles

Mercedes-Benz Grand Prix Restricted generated £474 million in turnover and £89 million in revenue in 2022 regardless of its title-winning streak in Method 1 coming to an finish, officers paperwork present.

Accounts submitted to Firms Home – a authorized requirement for any firm working inside the UK – for the 2022 monetary 12 months present that after all administrative and taxation prices had been cleared, Mercedes made almost £20 million extra in revenue within the 12 months it slipped out of title competition.

Championship winners Crimson Bull additionally noticed a lift in turnover of almost £40 million in comparison with 2021, when Max Verstappen claimed the primary of his three World Championships, thus far.

Figures for the 2023 season won’t be accessible till the workforce’s publish their accounts this time subsequent 12 months, with Firms Home requiring submissions by the top of September.

NOTE: All figures on this article are in British Pound Sterling (GBP).

Mercedes and Crimson Bull numbers defined

Mercedes’ turnover was boosted by a £42 million sponsorship injection from Ineos, the Utilized Sciences division and £12.8 million from Athena Racing for improvement work for crusing’s America’s Cup – which is backed by Ineos.

It meant the general turnover of the Brackley squad was £474.5 million with outgoings of £350.8 million – with each figures larger than in 2021.

Gross revenue rose to £123.7 million from £85.8 million in 2021 with a complete before-tax revenue of £113.4 million.

The entire revenue margin in 2022 may have been even larger than the £89.7 million recorded if it was not for a sizeable £23.7 million tax invoice – up from simply £3.056 million within the 2021 monetary 12 months.

Industrial income for each groups was additionally up in 2022 in comparison with 2021 with the general F1 pie rising in addition to the return of flyaway races similar to Singapore, Australia and Japan after the Covid-impacted ’21 marketing campaign.

As for Crimson Bull, general turnover rose to £278 million from £238.3 million in 2021, with gross revenue almost trebling to £24.8 million from £8.1 million because the workforce clinched its first Drivers’ and Constructors’ double since 2013.

For the Milton Keynes-based outfit, complete revenue rose by £701,000 to £2.0 million.

Included in Crimson Bull’s figures is how a lot it paid for breaching the fee cap in 2021 via getting into the Accepted Breach Settlement with the FIA – with the overall being £6,156,429.