Silverstone Circuit secures £16.1m profit, bolstered by British GP, exceptional gains
Profit enhanced by a £5.6m exceptional gain linked to a potential parent company debt repayment.
Britain’s most famous motor racing venue, Silverstone Circuit, reported an increase in profit, according to its latest company accounts.
Silverstone Circuits Limited (SCL) announced a profit of £16.1 million in its financial statements for the year ended 31 December 2023.
Profit increased by 14.4% from £14m the previous year.
“The Board is pleased to report another strong year of profitability, in part due to the success of the Formula 1 British Grand Prix,” said Peter Digby, Director of Silverstone Circuits Limited.
The company manages the day-to-day activities of the venue, which hosts several major motorsports events. In addition to on-track events, it hires many facilities to a broad range of clients and regularly hosts activities for both corporate and retail customers. The venue also operates a substantial conference, banqueting, and exhibition space.
Profit boosted by ‘exceptional gain’
The profit was boosted by a £5.6m “exceptional gain,” which was related to money set aside in case the parent company, British Racing Drivers’ Club Limited (BRDC), was unable to repay a debt to Silverstone Circuits.
In 2022, the company received a £5 million exceptional gain.
BRDC operates the circuit and hosts events. It exists to promote the long-term interests of British motorsport.
Revenue up 30%
The British Grand Prix plays a significant role in generating revenue for the historic circuit that once served as an airfield in the Second World War.
Revenue increased to £96m, up by £22m (30%) compared to the previous year.
“In a normal year, the Formula 1 British Grand Prix generates more than half of the group’s annual revenue,” Silverstone Circuits said.
The growing number of street tracks, increasing races in the United States and the Middle East, and the dropping of historical venues cast uncertainty over Silverstone being on a future Formula 1 calendar.
In February, owner BRDC signed an eleven-year agreement with Formula One World Championship Ltd. to host the British Grand Prix at Silverstone until 2034.
More updates to follow.