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Renault F1 Team reveals significant financial loss in 2018

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The Renault F1 team generated more revenue in 2018 compared to the previous year, but the Enstone outfit took a hit to its bottom line for the first time in three years.

Renault's improved results last season - marked by its fourth-place position in the F1 Constructors' standings - coupled with increased sponsorship allowed it to boost its revenue from £136.3m in 2017 to £146.6m in 2018.

However, the team's income went the other way, dwindling from a £1.1m profit in 2017 to a significant loss last year of £4.7m.

"Despite the continued growth in turnover, financial results have deteriorated for the first time in three years, primarily driven by two factors," Renault stated.

"Expected turnover was negatively impacted by the strength of the British pound versus the Euro and the US dollar.

"Almost all turnover is denominated in Euro and US dollar, whilst the majority of costs are sterling denominated."

The team's accounts also reflected the French manufacturer's ongoing investment in F1, with a headcount growing from 606 in 2017 to 676 in 2018, an increase which added an additional £9.4m in annual staff costs.

Renault F1 also added $10.6m of fixed assets in 2018 as it strengthened its infrastructure at its Enstone base.

"Whilst the major investment required initially is now complete there are major projects in the pipeline for 2019, and beyond, to achieve Renault's long-term aim of winning the constructors' championship," the company added.

On the subject of Brexit, a concern for F1 teams based in the UK, Renault said that it "continues to monitor Brexit developments and to put plans in place for different scenarios, including whether the impact can be mitigated by utilising the operations the group has in the European Union."

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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.

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