It’s time for the publication of the 2023 accounts of the F1 teams and Alpine Racing Limited (Alpine F1) has also communicated its own.
Turnover increased from 299 million euros to 300 between 2022 and 2023.
With gross profits down by €7 million, an increase in administrative costs led to a drop in operating profit from €43 million to €22 million. After tax, Alpine’s profits amounted to 9.5 million euros, compared to 31 in 2022.
The team also sold 24% of its shares to Forest Intermediate Holdings in 2023, comprised of Otro Capital, RedBird Capital Partners and Maximum Effort Investments. This minority stake is in addition to the 76% retained by Renault SA
“The turnover for the year, consisting mainly of sponsorship income and F1 bonuses, amounted to 300 million euros and the profit after tax for the financial year amounted to 9.5 million euros,” can we read in the company report.
“The strong on-track performance seen in 2022 helped improve prize money by 8.5%. However, the weaker on-track performance in 2023 had a negative impact on sponsorship and merchandising revenue, resulting in a reduction of 7.5%. %.”
“Operating costs grew at a higher rate than revenue by 8.6%. Although the company has maintained a disciplined approach to cost control, continued inflationary pressures coupled with additional costs associated to the growth in headcount and infrastructure resulted in a decrease in operating margin of 49%, which translated into an operating margin of 22 million euros.”
