Mercedes-Benz Grand Prix Ltd., the team’s parent corporation, reported a £546.5 million revenue for the fiscal year ending December 31, 2023.
This sum represents a £71.9 million increase from £474.6 million in 2022.
In instance, Red Bull Technology, the firm behind Red Bull’s Formula One team, had a £385.6 million turnover in 2022.
Despite the increased turnover at Mercedes, the Brackley-based company recorded a tiny drop in profits, down to £83.8 million from the £89.7 million disclosed in 2022.
This is the outcome of a variety of circumstances, including increasing costs and higher tax payments in fiscal year 2023.
Race vehicle development assets that are carried on to the following season increased from £41 million in 2022 to £52.2 million last year.
This higher amount reflected in part the additional investment required to replace the 2024 F1 contender, which required a new chassis for this season.
The £52.2 million number also covers the team’s early work in developing the 2023 gearbox and suspension parts for client Williams this year, which were finished before the 2024 components used by Aston Martin.