Renault Formula 1 "raced into profit for the first time in nearly a decade," driven by a "boost in sponsorship," newly-filed accounts revealed, according to Sylt & Reid of the London TELEGRAPH. Revenue at the Oxfordshire-based team accelerated by 13.9% to £136.3M last year "thanks in part" to oil company BP signing as a sponsor. It helped fuel a £1.1M ($1.5M) net profit, up from a £3.3M loss in '16, and came two years after Renault bought the team for £1 from a consortium of private equity investors. It is significant as F1 teams "rarely make a profit," especially ones owned by car manufacturers. They "tend to spend all of their income on racing with the return coming from the exposure gained through winning." Renault, which is ranked fourth among constructors after last weekend's British Grand Prix, has not won an F1 championship since '06 and has "revved up its team’s spending in a bid for victory." It added 95 staff last year, reaching a total of 606, with the majority of the increase in engineering. Total costs increased by 10.5% to £133.7M ($177.2M), "though it has yet to pay off" (TELEGRAPH, 7/8).
