Renault F1 sees big improvement in financial results

The Renault F1 team enjoyed a huge improvement of its financial results in 2016, its first year as a works effort in Grand Prix racing.

The company which owns the F1 team suffered big losses in 2015, its last under the Lotus name and the management of Gerard Lopez and Eric Lux's Genii Capital.

The Enstone-based outfit reduced its loss from £57M to just £3.3M last year thanks partly to a 52.7% increase of revenue, which went from $78.4M to $119.7M.

Management credits the improvement on 'enhanced sponsorship and favourable exchange rates following the Brexit vote'.

As it sought to build up its team, Renault logically increased its investments however, while average staff levels rose from 475 in 2015 to 511 last year. That figure has now approached or exceeded 600 in 2017.

In its comments in the annual financial report, Renault said its official performance target for 2017 'is to finish fifth in the Constructor's Championship.'

Win the ULTIMATE TRACKDAY with F1i.com!

GALLERY: All the action from Barcelona on Sunday

Keep up to date with all the F1 news via Facebook and Twitter

Phillip van Osten

Motor racing was a backdrop from the outset in Phillip van Osten's life. Born in Southern California, Phillip grew up with the sights and sounds of fast cars thanks to his father, Dick van Osten, an editor and writer for Auto Speed and Sport and Motor Trend. Phillip's passion for racing grew even more when his family moved to Europe and he became acquainted with the extraordinary world of Grand Prix racing. He was an early contributor to the monthly French F1i Magazine, often providing a historic or business perspective on Formula 1's affairs. In 2012, he co-authored along with fellow journalist Pierre Van Vliet the English-language adaptation of a limited edition book devoted to the great Belgian driver Jacky Ickx. He also authored "The American Legacy in Formula 1", a book which recounts the trials and tribulations of American drivers in Grand Prix racing. Phillip is also a commentator for Belgian broadcaster Be.TV for the US Indycar series.