Aston Martin F1 significantly reduces loss for fiscal year 2023
09/21/2024 04:23 AM
The Aston Martin Formula 1 team reported a £25.3 million post-tax loss for its fiscal year 2023, a significant improvement over the previous calendar year.
Although AMR GP Holdings' post-tax position improved by nearly half compared to the previous year, revenue saw a substantial increase.
In 2023, Aston Martin reported total revenue of £260.1 million ($346.52 million), an approximate year-over-year increase of 39 per cent, according to Companies House.
Operating costs for the business also rose, though at a much slower pace, reaching £171.07 million ($227.83) last year—an increase of just under £20 million ($26.64 million) compared to 2022.
Aston's operating loss narrowed significantly from £52.8 million ($70.34) in 2022 to £17.2 million ($22.91 million) in 2023.
As a result, the company's year-end position improved, with a post-tax loss of £25.3 million ($33.71), a significant improvement over 2022 when it recorded a £52.979 million loss.
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While most Formula 1's teams are profitable businesses, Aston is an outlier mainly due to the significant investments made by Lawrence Stroll's company as part of its massive infrastructure build-up at its new Silverstone Park headquarters.
The F1 team's state-of-the art factory was also an important factor in helping Aston secure the services of legendary F1 designer Adrian Newey who will join the team in the first quarter of next year.
Aston Martin's total assets are now valued at £243.77 million ($324.76 million).
Aston Martin F1 executive chairman Lawrence Stroll.
"The Group's success is measured by its performance in the Constructors' and Drivers' World Championships and by reference to the financial parameters defined by its shareholders," stated Aston Martin's full-year report.
"The Group's strategic objectives are to optimise its performance in the Constructors' and Drivers' World Championships, to build a team capable of competing to win both Championships within the next five years, and to diversify the Group into non-Formula One sectors through utilisation of our Formula One technology and insights."
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