Renault Formula 1 team makes its first profit since 2009

Newly released accounts from the company show it enjoyed significantly increased income last year, turning the loss made by the Enstone team in its first year under renewed Renault ownership in 2016 into a profit.

The team had a turnover of £136.3million in 2017, up from £119.7m. It duly turned a loss of £3.3m in 2016 into a profit of £1.1m.

Prize money income from the constructors' championship payments was actually down after the team finished only ninth in 2016, having been sixth - as Lotus-Mercedes - in 2015. However, sponsorship revenues were up, contributing to the increased turnover.

The wage bill was up significantly after the average head count rose from 511 in 2016 to 606 last year.

The team says has invested heavily in improving the factory facilities, and that the process is ongoing.

"Renault's long-term investment is further evidenced on the balance sheet where fixed assets have increased by £12m, on top of the £11.8m growth in 2016," it said.

"Major capital investment will remain during 2018 to complete the ongoing Enstone site improvement as well as various other key projects to drive development and reinforce Renault's long-term plans to win the constructors' championship."

The accounts also reveal the team has net current liabilities of £96.4m "due to intercompany loans from Renault Group. This facility was extended to £125m on October 18th 2016."

Renault stresses it is still on target with the five-year performance and business plan which it set out after it took over the team in December 2015, and which runs to the end of the 2020 season.

It notes: "The actual income and expenditure and business performance during the year ending December 31 2017 has not resulted in a significant revision being required to the performance and business plan."