Red Bull profits rise on back of latest Max Verstappen title triumph

Red Bull has recorded an increase in its profits for 2024, allied to Max Verstappen winning a fourth consecutive F1 drivers' championship.

In Red Bull Racing Ltd's latest annual accounts, through to December 31, 2024, the team generated a £7million rise in turnover, from £307.472 million in 2023 to £314.409m last year.

With gross profit rising by £4 million, it has resulted in overall profit after tax of £1.681 million, up from £1.296 million in 2023.

It was a year in which Verstappen scored his fourth title, beating McLaren's Lando Norris by 63 points. This landmark was noted in the statement of accounts.

"The directors consider exceptional on-track performance, evidenced by race and championship wins, strong strategic and commercial partnerships and a controlled cost base to be the principal key performance indicators to assess progress towards strategic goals," the statement read.

"Success in the above manifests itself in strong revenues from both prize money and sponsorship. 2024 has been a landmark season, with Max Verstappen achieving his fourth consecutive drivers' world championship, with nine race wins and five additional podium finishes whilst accumulating 437 points, 63 ahead of his closest championship rival.

"The season started strongly, with five wins in the first seven races, before our competitors improved relative performance to pose a substantial challenge in the second half of the season."

The statement noted the strength of its commercial partnerships, notably welcoming VISA on board, signing "a record-breaking apparel partnership in F1 for both size and duration with Castore and significant commitments from AT&T, Tag Heuer and Exxon to long-term agreements".

The statement also records that in his final full year as a director, before his sacking in July, Christian Horner enjoyed a rise of £46,000, taking home £7.046m in 2024, compared to £7m in 2023.