Renault F1 finances reveal reduced losses
The Renault Formula 1 team has posted much improved financial figures for the first season under the French manufacturer's renewed ownership, with income up and losses substantially reduced.
Having lost £57million in its last year under the Lotus name in 2015, the Enstone team reduced that to £3.3m in 2016, when it finished ninth in the world championship.
In addition turnover rose from £78.4m to £119.7m, representing a year-on-year increase of £41.3m, or 52.7%.
The 2015 figures were impacted negatively by what Renault calls "some one-off transactions", while it credits "enhanced sponsorship and favourable exchange rates following the Brexit vote" for contributing to the improved turnover in 2016.
Renault's programme of investment in rebuilding after the lean Lotus years is reflected in an increase of £12m on cost of sales, while fixed assets have increased by £11.8m. The company also notes that finance costs are down due to debt reorganisation.
Average staff levels rose from 475 in 2015 to 511 last year, adding £2m to the wage bill. That number has since moved towards 600.
The team notes that its 2016 on-track performance was "not expected to be ground-breaking", while stressing that for 2017 its official aim "is to finish fifth in the constructors' championship."
After five races of the 2017 season the team is currently seventh in the standings, seven points behind fifth-placed Toro Rosso.