Currency issues hit Force India's financial results

40

Force India enjoyed an increase in revenue for the 2016 a calendar year but an increase in its losses , mainly due to "currency fluctuations".

The Silverstone-based outfit's recently filed accounts for 2016 showed the team generated revenue of £77.1m, up from £64.2m in 2015.

Force India's losses however increased from £6.8m to £11.6m, and justified the change by "an increase of £5.7m charged to the accounts due as a result of currency fluctuations to both EUR and USD related suppliers/creditors during the year and balances outstanding at the end of the year."

Force India's Fernley deplores lack of action by Liberty

The filed 2016 accounts also revealed that a payment of $15m from Diageo, owners of Johnny Walker, was made to Force India "under an agreement negotiated in connection with Dr Vijay Mallya’s settlement with Diageo."

As one of Formula 1's most consistent performers and the unquestionable leader of the mid-field pack, Force India will likely see its results improve this year, thanks to an increase in prize money.

The team is currently fourth in the Constructors' standings, with a comfortable 65-point lead over fifth-place team Williams.

Gallery: The beautiful wives and girlfriends of F1 drivers

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.