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Silverstone announces 2008 profit

Silverstone reveals a profit for the 2008 calendar year and expresses hope of further profits to come
Silverstone has revealed it made a profit of £662,000 during 2008, with an annual turnover of more than £38 million.

The announcement comes at the same time as Donington Park struggles to find the finances required to fund the redevelopment required to host the British Grand Prix, with the profit coming from income on the venue's property interests as well as circuit activity.

That includes income and profit generated by the 2008 British Grand Prix.

“We are very happy with our latest figures,” Silverstone Holdings managing director Richard Phillips said. “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.”

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Alan D - Unregistered

October 21, 2009 8:15 PM

We should be glad to hear Silverstone are making a profit. A patch of land the size of Silverstone would be worth a lot more than 600,000 a year to the housing developers.

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