F1: Mercedes’ revenue crosses half a billion for first time
Silver Arrows hand shareholders £75 million in dividends.
Mercedes’ revenue crossed half a billion pounds for the first time since re-entering Formula One in 2010 as a full works team.
Mercedes-Benz Grand Prix Limited announced a revenue of £546.4 million for 2023, according to the German company’s latest annual report and financial statements for the year ended 31 December 2023.
Despite finishing 451 points behind Red Bull Racing in second in the 2023 constructors' championship, Mercedes attributed the increase in turnover to strong commercial revenue.
“This increase resulted primarily from higher commercial revenues from sponsorship,” the Brackley-based outfit said.
Mercedes’ turnover increased by 15% from £474.6m in 2022.
The Silver Arrows' operating profit was £113,786,000, a marginal increase of £186,000 from the prior year.
£75 million handed in dividends
Shareholders received £75m in dividends for the year ended 31 December 2022, which was paid on 31 March 2023.
The directors proposed a final ordinary dividend in respect of the current financial year of £100m. A minimum of £90m was already paid last month.
Any remaining amount will be paid in full by June, according to the company.
Over £50 million spent on 2023 car
Mercedes spent £52.2m on the 2024 car, the W14, another first for the 8-time champions.
The previous highest expenditure of £46.6m came in 2018 for the 2019 ‘W10’. Lewis Hamilton won his sixth championship in that year.
Wage bill exceeds triple figures
Mercedes paid £112m in wages to its employees, another first in the history of the F1 team.
Wages grew by 36% from £82m in 2022.