Aston Martin has revealed a loss of £53 million for last year’s Formula 1 campaign - an increase of the deficit declared in 2021.
The loss comes despite its turnover increasing by over £32m due to sponsorship and prize money payments.
Aston Martin has been expanding its F1 operation since it joined the grid in 2021, constructing a new factory at Silverstone, with its doors officially opening in July earlier this year.
It was noted that “as of December 31 2021 the group was committed to capital expenditure of $64,985,490 relating to the development of the Aston Martin F1 Campus”.
Working under the name of AMR GP Limited, figures released to the public domain this weekend showed that AMR GP generated a turnover of £187,728,000 last year, up from £150,438,000 in 2021.
But the cost of the expenses to go racing rose substantially - £152,046,00 from £107,735,000.
With other figures such as administrative expenses and income from government grants included, its loss totalled £52,915,000 compared to £43,332,000 in 2021.
The parent Aston Martin organisation previously declared that 2023 would be its “peak year” for capital spending.
In May, China's Geely took a 17% stake in the company, making it the third largest shareholder, behind Saudi Arabia's Public Investment Fund.
The AMR GP set-up also revealed that its staff amounted to 504 employees, 81 of which worked in administration while the remaining 423 were in “design, production and technical”.
There was also a marketing contribution of £19,208,000 from the F1 team directed towards the Aston Martin Lagonda road car company, down £844,000 compared to 2021.
A detail also outlines that AMR GP paid Falcon Racing Services Inc £1,835,000 for the provision of the racing services of Lance Stroll.
This is down by £225,000 on 2021, with Falcon giving £1,125,000 in sponsorship payments last year.
The Aston Martin Performance Technologies division, which is headed by ex-F1 team boss Martin Whitmarsh, was also included in the report.
It was noted that the company is expanding its operations through the project as it “takes our learnings from the racetrack and applies them to real-world problems.”
Aston Martin ended last year’s F1 campaign seventh in the Constructors’ Championship.