Profits up from US$14m to US$26m compared to same period last year.

The Formula One Group has recorded a modest year-on-year rise in revenues for the second financial quarter of 2019, going from US$585 million in 2018 to US$620 million in its latest financial filing.

Operating income rose from US$14 million to US$26 million over the same period. The global motorsport series’ ten teams also saw an increase in their combined payments between April and June from US$307 million to US$335 million, with the figure directly linked to the overall revenue increase.

Revenues were up despite the Bahrain Grand Prix, which pays one of the biggest hosting fees to stage a race, having taken place in the first quarter of 2019. Instead, the less lucrative Austrian Grand Prix took its slot on the Formula One calendar.

With race promotion revenue down due to the lower hosting fees, the shortfall was offset by rate increases to other races in the second quarter, which saw seven Grand Prix staged, compared to two in the first quarter.

In a statement, Formula One’s owners Liberty Media further explained the overall change in revenues: ‘Broadcast revenue increased primarily due to contractual rate increases. Advertising and sponsorship revenue increased due to revenue from new sponsorship agreements entered into beginning in the second half of 2018.

‘Other Formula One revenue decreased in the second quarter primarily due to the mix of races, which resulted in lower TV production and Paddock Club revenue.’

Chase Carey, Formula One’s chief executive, said he was confident Formula One would hit its financial targets for the year: “Formula One heads into our summer break on the heels of some unforgettable races.”

“We're excited by the growing competitiveness of Red Bull and Ferrari the return of Honda as a winning engine supplier.

“We are pleased with our growth in revenue and profitability and on target to hit our goals for 2019.”

The global motorsport series returns from its summer break for the Belgian Grand Prix from 30th August.