Silverstone Reveals £38.2m Turnover

Silverstone Holdings Limited, the owners of the UK motor racing circuit, has revealed an annual turnover of £38.2m in its latest set of financial results.

The results, for the year to December 30th 2008, include the income from Silverstone’s property interests and circuit activity, as well as the income and profits from the 2008 F1 Santander British Grand Prix. Operating profit for the year stood at £662,000.

Silverstone staged its final F1 Grand Prix earlier this year with the showpiece race set to move to rival circuit Donington Park in 2010.

However, with Donington struggling to produce the funding to implement the necessary upgrades and up against a final deadline extension from the sport’s supremo Bernie Ecclestone, Silverstone could yet win a reprieve to continue hosting the race.

Richard Phillips, managing director of Silverstone Holdings Limited, said: ‘We are very happy with our latest figures. We have made substantial progress in diversifying the business into a successful multi-purpose venue and are now delivering consistently good financial results.

‘Silverstone is the UK’s premier motor sport venue, run by one of the most experienced teams in the business, as evidenced this year by our hosting of the most commercially successful Formula 1 Grand Prix on the calendar.

‘The margins in motorsport are notoriously slim but we remain one of the few venues in the world that produce a small profit from our blue riband event. We are growing our sales well and this, combined with an exciting investment plan and our new MotoGP event, makes us optimistic about our future.’