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Hamilton revs up track profits
Christian Sylt and Caroline Reid19 Nov 2008
The owner of famous British race circuits including Brands Hatch saw sales and profits surge last year as Lewis Hamilton's Formula 1 success pulled in crowds to its tracks.
MotorsportVision, owned by former F1 driver Jonathan Palmer, saw revenues jump by 17% to £38 million in 2007 during Hamilton's first F1 season. The McLaren driver's phenomenal abilities caused a surge in interest in all motorsport, with ticket sales up for events even outside F1.
Demand has also been rising for driving experiences where members of the public can try their hand at motor racing.Pre-tax profits at MSV, owner of five circuits across the UK, jumped 95% to £5.9 million.
Palmer waived his dividend, instead spending £2.1 million on new cars, machinery and property. Staff numbers rose 12% to 646 and will need to be increased even more this year.In September MSV won the contract to run F2, the new feeder series for F1, which launches in 2009.
