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.’

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