The Enstone-based squad, Renault’s factory effort in F1, posted a 2023 profit of £7.752 million (AUD $15.17m) profit

That contrasted with a £26.214 million (AUD $51.3m) post-tax profit the year earlier.

There was also a notable reduction in before-tax profit, easing from £32.714 million (AUD $64.02m) in 2022 to £13.909 million ($27.22m) last year.

Contributing to the reduced profits were increased costs, with an £11.2 million increase in administration expenses.

Headcount has also risen, with almost 80 more staff last year, the squad totalling 948, with wages increasing by £3.4 million to £66.089 million.

“Turnover for the year, comprising mainly of sponsorship income and prize money, was £250.0 million (2022: £249.0 million) and the profit after taxation for the financial year was £7.8 million (2022: £26.2 million),” the report detailed.

“The strong on track performance seen in 2022 helped to improve prize money by 8.5 percent.

“However, the weaker on track performance in 2023 negatively impacted sponsorship and merchandising revenues, causing a reduction of 7.0 percent.”

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The report went on to reference its increased operating costs, inflation, and growth within the organisation, both staff and infrastructure, as reasons for its position.

It also noted the share acquisition midway through 2023 by an investor group that included several Hollywood names, and the continued contribution from Renault Group.

“In 2023, the team ended the season sixth in the Constructors’ Championship compared to fourth place the year before,” the report noted.

“The team had mixed results across the season, with highlights that included three top-three race finishes, including a podium at the Monaco Grand Prix.

“The Company announced new investment in June 2023, with an Investor Group, ‘Forest Intermediate Holdings’, consisting of Otro Capital, RedBird Capital Partners, and Maximum Effort Investments.

“The team continues to be supported by Renault Group in its bid to compete for Grand Prix wins and Formula 1 world titles,” it added.

“Formula 1 remains pivotal to Renault Group’s ‘Renaulution’ ambitions, with the Alpine brand being synonymous with motorsport across multiple disciplines.”

During the 2023 season, team boss Otmar Szafnauer and sporting director Alan Permane were axed, the now-departed Bruno Famin taking the reins from the Belgian Grand Prix.

For 2025, Jack Doohan will join the squad following his promotion to race driver having worked in a reserve capacity since the start of last season.

He will partner Pierre Gasly, as Esteban Ocon heads to Haas alongside Oliver Bearman.