The Aston Martin Formula 1 team has posted a loss of £53m for the 2022 season, a £9m increase on its deficit report.
The British marque’s loss comes despite increasing its turnover by over £32m through sponsorship and prize money payments.
Aston Martin joined the F1 grid in 2021, and has since constructed a new factory at Silverstone which opened in July 2023. The group reported that as of December 31 2021, it was committed to capital expenditure of £64,985,490 “relating to the development of the Aston Martin F1 Campus.”
In figures released to the public, AMR GP Limited reported a turnover of £187,728,000 in 2022, up from £150,438,000 in 2021.
However, the team’s costs rose substantially citing costs of £152,046,000 to go racing, an over 40% increase on the year before.
Accounting for administrative expenses and other income such as government grants, Aston Martin’s losses totalled £52,915,000 rising from £43,332,000 in 2021.
Staff costs rose 10% to £54,983,00 accounting for a headcount of 504 employees, 423 of which are in “design, production and technical” roles, and 81 in administrative positions.
A payment of $1,835,000 was made to Falcon Racing Services to compensate for Lance Stroll’s contributions to the team. $1,125,000 of that sum was returned to the team through sponsorship in the same year.
The $1.8m payment to Falcon, over which Lance Stroll is understood to have significant influence, is a decrease from $2m in the previous year. As of December 31 2022, Falcon Racing owed Aston Martin $13,000, a significant reduction on the $315,000 owed one year prior.
The F1 team also received marketing income of £19.2m from Aston Martin Lagonda – the production car wing of the manufacturer.
Under the sponsorship agreement with the road car branch, the parent company agreed to provide each racing driver with a fleet vehicle free of charge for the duration of their contract.
The F1 team incurred aviation charges of over £4m in the normal course of business.
In addition to expanding its F1 operation, Aston Martin, like other teams, will continue to broaden its horizons through the recently created Aston Martin Performance Technologies division.
Headed by former McLaren team principal Martin Whitmarsh, the group “takes our learnings from the racetrack and applies them to real-world problems.”
The Performance Technologies wing “took on its first contract during the year [2022] and has a robust pipeline of opportunities as part of its future growth plan.”
Directors, including Lawrence Stroll, received no financial remuneration from the business in 2022.
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