The company that runs the squad, Mercedes-Benz Grand Prix Ltd., declared a turnover for 2023 of £546.5 million, which covers the year that ended December 31.
This figure represents an increase of £71.9 million over the 2022 figure of £474.6 million.
As a comparison, Red Bull Technology, the company behind Red Bull’s F1 team, had a turnover of £385.6m in 2022.
However, despite the increase in turnover at Mercedes, the Brackley-based outfit reported a slight fall in profits – down to £83.8 million from the £89.7m it declared in 2022.
This is the result of a combination of factors that includes both increased costs and higher payments of tax in the 2023 financial year.
Race car development assets, which are carried forward to the following season, went up from £41 million in 2022, to £52.2 million last year.
This higher figure included in part the extra investment needed to change its 2024 F1 challenger, which required a new chassis for this season.
The £52.2m figure also includes the early work that the team was able to do in producing the 2023 gearbox and suspension parts that have been supplied to customer Williams this year, which was able to be completed before the 2024 components used by Aston Martin.
Mercedes also reported a big increase in average staffing levels, up by 175 to 1289 last year, compared to 1114 in 2022.
Source: Autosport