F1 News: Aston Martin Declares £53m Loss Despite Increased Turnover in 2022

Aston Martin F1's 2022 losses amplified despite a rise in turnover.

The Aston Martin Formula 1 team reported a £53m loss for the 2022 season, marking an elevation from its previous year's deficit. The financial strain persisted despite a notable hike in turnover from various streams such as sponsorship and prize money.

Key Takeaways:

• Aston Martin F1 witnessed a £9m increase in its losses from 2021 to 2022, even as its turnover grew by over £32m, highlighting the elevated costs accompanying the new regulations.
• Figures revealed that the team's turnover in 2022 amounted to £188,728,000, compared to £150,438,000 in 2021. However, the cost of sales, indicating the actual expenditure of the team's racing activities, saw a jump to £152,046,00 from its 2021 figure of £107,735,000.
• Significant investments have been channeled towards new facilities at Silverstone, with a capital commitment of $64,985,490 for the development of the Aston Martin F1 Campus as of December 31, 2021.

Navigating under the restructured identity of AMR GP Limited, a subsidiary of AMR GP Holdings Limited, the team's financials, in essence, mirrored across both entities. Delving into the specifics, the administrative expenses, combined with other sources of income such as governmental grants, culminated in the aforementioned loss of £52,915,000 for 2022, up from £43,332,000 the year before.

According to Motorsport.com, a focus on human resources showcased the team's burgeoning expansion. Overall staffing costs clocked in at £54,983,000, marking an approximately 10% rise from 2021. Aston Martin F1 employed 504 personnel, comprising 81 administrative roles and 423 dedicated to "design, production, and technical" — an increment from the 401 staff in 2021.

Further, Aston Martin Lagonda, the road car manufacturing arm, contributed £19,208,000 towards the F1 team's marketing endeavours in 2022, experiencing a decrease of £844,000 from its previous annual contribution.

In a captivating revelation, it was unearthed that the team compensated Falcon Racing Services Inc $1,835,000 for availing the racing services of Lance Stroll in 2022, marking a $225,000 cut from 2021. Conversely, Falcon reciprocated with a sponsorship input of $1,125,000 the same year.