Aston Martin has disclosed a loss of £53 million for the F1 season of the previous year, which represents an increase in the deficit reported in 2021. This financial setback occurred despite an increase in turnover of more than £32 million, primarily driven by sponsorship and prize money payments. Discover Aston Martin declares huge loss for 2022 F1 campaign.
Since joining the Formula 1 grid in 2021, Aston Martin has been expanding its F1 operations and even inaugurated a new factory at Silverstone in July of the current year. Notably, the company had committed to significant capital expenditure, amounting to $64,985,490, for the development of the Aston Martin F1 Campus as of December 31, 2021.
Operating under the name of AMR GP Limited, publicly available figures reveal that the entity generated a turnover of £187,728,000 in the past year, up from £150,438,000 in 2021. However, the expenses associated with their F1 racing activities also saw a substantial increase, rising from £107,735,000 to £152,046,000. When considering other financial factors like administrative expenses and income from government grants, the overall loss reached £52,915,000 in comparison to £43,332,000 in 2021. Aston Martin previously declared 2023 as a pivotal year for capital spending.
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Aston Martin Performance Technologies
In May, China’s Geely acquired a 17% stake in the company, becoming the third-largest shareholder, trailing only behind Saudi Arabia’s Public Investment Fund. AMR GP’s report also disclosed that it had a workforce of 504 employees, with 81 engaged in administrative roles and the remaining 423 dedicated to design, production, and technical aspects. Additionally, there was a marketing contribution of £19,208,000 from the F1 team directed towards Aston Martin Lagonda’s road car division, which was slightly lower compared to the £844,000 contribution in 2021.
Furthermore, the report outlined that AMR GP paid Falcon Racing Services Inc £1,835,000 for Lance Stroll’s racing services, reflecting a decrease of £225,000 from the previous year when Falcon contributed £1,125,000 in sponsorship payments.
The report also highlighted Aston Martin Performance Technologies, led by former F1 team boss Martin Whitmarsh. The company is expanding its operations with a focus on applying lessons learned from the racetrack to real-world challenges. Aston Martin concluded the previous F1 season in seventh place in the Constructors’ Championship.