Cosworth hails record revenue at former Formula One engine supplier
Former F1 engine supplier Cosworth achieved a record revenue of £100m during 2023 “despite challenging market and supply chain conditions”.
The manufacturer, which is a supplier to the likes of Aston Martin, General Motors, McLaren, Porsche, Stellantis and the US Navy, was founded in 1958 and collected 176 wins in F1.
According to newly-filed accounts with Companies House, the Northampton-based business recorded a revenue of £100m in 2023, up from £85.7m.
The results also show that the group’s pre-tax profits were cut from £1.8m to £398,000 over the same period.
A statement signed off by the board said: “We have succeeded in achieving year-over-year growth despite challenging market and supply chain conditions.
“While we expect these challenges to continue into 2024, we forecast continued growth based on record pipeline and order book levels, enabling further investment in the business ended by operating cash flow.”
Cosworth’s UK and Europe revenue increased from £42.1m to £60.8m in the year but dipped from £42.8m to £38m in North America. Sales rose from £689,000 to £1m in the rest of the world.
During the year, the average number of people employed by the group grew from 505 to 572.
On its future, Cosworth added: “Future activities will include continuing to leverage the customer base of one of our businesses across all of our businesses and we are uniquely positioned to enable our customers’ transition to hybridisation and electrification as we provide complete bespoke designed and manufactured hybrid propulsion systems.”
Over its history, Cosworth has been owned by United Engineering Industries, Vickers plc and Ford.
It’s now owned by CGH (Isle of Man) Holdings Ltd and Indeck-Cosworth LLC.
Cosworth has considered a listing on the London Stock Exchange a number of times in recent years, including in 2019 and most recently in 2021. However, both times the business decided to remain private.