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BRDC publishes 2010 financial results

“We remain very focused on broadening the appeal of Silverstone and attracting a broader number of clients to the site. To accomplish this, we are seeking to attract a property investment partner to fulfil the significant potential of our 760 acre estate. Outline planning consent, which will include a multitude of further exciting new facilities, will be submitted to local planning authorities shortly. This will enable Silverstone to take the next crucial step towards becoming a leading global motorsport and leisure destination.”

The redevelopment of Silverstone's layout, as well as its off-track facilities, have both played a part in the success of the past year, according to Silverstone Holdings MD
Richard Phillips.

“Our latest financial results show a year on year revenue increase of £9.2m, of which £3.8m related to major events," he explained, "The remaining £5.4m increase was attributed to growth across the core business – hosting corporate, conference and retail activities, for a broad range of clients and customers.

"This has been greatly assisted by the improved track facilities at Stowe. The new Stowe Complex and revised circuit layout have provided additional track hire opportunities, for both two- and four- wheel activities, across all business channels.

“Additionally, the group has continued, and will continue to develop and invest in its property portfolio, increasing the number of facilities available for tenant occupation. The business is currently investing significantly in its future use and expansion. Accordingly, the 2010 financial results contained some exceptional preparatory and planning related costs. The underlying rental income and core costs remain strong and in line with expectations.

“Our costs are well controlled and overheads remain in line with revenue levels. There is strong demand for our leisure and racing offers, and the careful management of our product mix continues to underpin the Group's performance.

“Silverstone is now one of the premier motorsport venues in the world, run by one of the most experienced teams in the business. We believe that the returns from continuing investment will result in a strong upturn in profitability in future years, and plan to further increase profitability through a combination of continued diversification of income streams and by continuing to improve control over costs.”

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