The French team had generated more than 30 million euros in profit in 2022 . In 2023, the accounts of the Enstone team, powered by Viry-Châtillon, revealed a decrease in its profit despite stable turnover.
The team believes it has benefited from the increase in revenue from Formula 1 due to its good performance during the 2022 season (+8.5% compared to 2022), but has also experienced a decrease in sponsorship contributions due to poor performances in 2023.
A stable turnover
The F1 team’s turnover was stable in 2023 with £250 million declared (€300 million), just like in 2022 (£249 million). Administrative expenses increased particularly last year (+€13.2 million), as well as production costs (+€8.4 million).
In 2023, the company welcomed new investors, including Ryan Gosling in investment funds such as Otro Capital, RedBird Capital Partners, and Maximum Effort Investments. The team has sold a total of 24% of its shares. This means that a portion of the profit will now go to its shareholders. This investment contribution has had a positive impact on the team’s finances in 2023, as the share premium, which is the difference between the team’s initial valuation and the value at which the team received its investments, generated £104 million (€124 million) in share premium compared to £13 million (€15.8 million) in 2022.
The team still benefits in 2023 from more than 230 million euros not paid by its shareholders, which it will be able to enjoy in the coming seasons.
Note that the team has more liquidity in the bank in 2023 than in 2022 with now 26.5 million pounds on the side, equivalent to 31.8 million euros.
An increase in the number of employees
The number of employees has indeed increased in 2023 to reach an average of 948 people in the team (including the manufacturing of engines in Viry-Châtillon). This represents 77 more people.
The total payroll in 2023 amounted to 66 million British Pounds, or 79.2 million Euros, compared to 75 million Euros in 2022 (excluding directors). The team increased its number of employees, both in terms of engineering, production, and administration.
On the side of the average salary of employees, in 2022 it was therefore €86,000 per employee on average compared to €83,500 per employee on average in 2023.
On the directors’ side, the payroll increased from 250 million euros to 310 million euros.
