P1racenews AI automatic summary:
Mercedes becomes first F1 team to exceed £500m turnover
The company operating the squad, Mercedes-Benz Grand Prix Ltd., disclosed a turnover of £546.5 million for 2023, covering the year ending on December 31. This marked an increase of £71.9 million from the £474.6 million turnover in 2022. Despite the revenue growth, Mercedes reported a slight decline in profits, down to £83.8 million in 2023 from £89.7 million the previous year, due to higher costs and increased tax payments. The investment in race car development assets rose to £52.2 million in 2023, reflecting preparations for the 2024 F1 season. Mercedes also saw a rise in average staffing levels, with 1289 employees in 2023, up from 1114 in 2022, leading to a higher salary bill. The team’s EBIT remained stable at £113.8 million for 2023, showing a solid financial foundation, despite a mixed performance in the F1 championship and television coverage.
