FORMULA E OPERATIONS LIMITED
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Cash
£42m
EUR 49,337,984
+182.4% highest in 3 filed years
Net assets
-£370m
EUR -432,216,465
-18.8% lowest in 3 filed years
Employees
149
-8% lowest in 3 filed years
Profit before tax
-£59m
EUR -68,434,734
+12.6% vs 2024
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
Negative shareholders' funds
Net assets
3-year trend · vs Consumer Discretionary median
Accounts
3-year trend · Δ = latest vs prior filed period · latest reflected 2025-09-30
| Metric | Trend | 2023-09-30 | 2024-09-30 | 2025-09-30 | Δ vs prior |
|---|---|---|---|---|---|
| Turnover | £188,324,780 | £162,374,089 | £182,340,641 | +12.3% | |
| Operating profit | -£36,171,236 | -£63,124,110 | -£51,055,836 | +19.1% | |
| Profit before tax | -£35,779,894 | -£67,065,880 | -£58,611,454 | +12.6% | |
| Net profit | -£36,289,362 | -£67,484,116 | -£58,632,676 | +13.1% | |
| Cash | £17,942,197 | £14,963,839 | £42,255,896 | +182.4% | |
| Total assets less current liabilities | -£221,378,142 | -£305,697,670 | -£356,068,955 | -16.5% | |
| Net assets | -£244,058,323 | -£311,542,439 | -£370,175,116 | -18.8% | |
| Equity | -£244,058,323 | -£311,542,439 | -£370,175,116 | -18.8% | |
| Average employees | 155 | 162 | 149 | -8% | |
| Wages | £15,137,191 | £13,867,835 | £14,015,844 | +1.1% | |
| Directors' remuneration | £2,144,016 | £2,249,223 | £3,215,462 | +43% |
Figures converted to GBP from EUR at 0.856 per EUR (Frankfurter spot rate) — hover any figure for the original. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2023-09-30 | 2024-09-30 | 2025-09-30 |
|---|---|---|---|---|
| Operating margin | -19.2% | -38.9% | -28.0% | |
| Net margin | -19.3% | -41.6% | -32.2% | |
| Current ratio | 2.75x | 2.20x | 3.64x | |
| Interest cover | -49.08x | -60.89x | -26.97x |
Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.
Audit & accounting basis
- Accounting basis
- IFRS
- Reporting scope
- Standalone (parent only)
- Auditor
- KPMG LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“we have not identified, and concur with the directors' assessment that there is not, a material uncertainty related to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for at least a year from the date of approval of the financial statements ("the going concern period").”
Group structure
- FORMULA E OPERATIONS LIMITED · parent
- Formula E Race Operations Ltd 100%
- Formula E Publishing Ltd 100%
- Formula E Spain Operations S.L. 100%
- Monaco Sports Group S.A. 99%
- Formula E Mexico Race Operations, S.de R.L.de C.V. 3%
- Formula E Enterprise, Inc 100%
- Formula E Brazil, Ltda 100%
Significant events
- “On October 2, 2024, the acquisition of the shares sold by Warner Bros. Discovery to Liberty Global was completed and resulted in the majority ownership of the Group by Liberty Global (65.6%).”
- “In March 2025, the Company became temporarily an owner of 99.9% shares in Monaco Sports Group S.A. ("MSG"), one of the racing teams, as a result of an unsuccessful sale of the team which the Company helped to facilitate.”
- “The Group has changed the auditor from Deloitte to KPMG LLP for the financial year ending 30 September 2025.”
- “Further €20 million was advanced to the Group under the Santander financial facility following the end of the financial year.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
2 active · 8 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| ADKINS, Max | Director | 2025-02-18 | Jul 1989 | British |
| DODDS, Jeffrey | Director | 2023-07-06 | Dec 1973 | British |
Show 8 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| ADSERA GEBELLI, Francisco Javier | Director | 2013-02-22 | 2015-05-07 |
| AGAG LONGO, Alejandro | Director | 2013-02-20 | 2020-07-22 |
| ALVAREZ DE SOTOMAYOR LONGO, Alberto Luis | Director | 2015-05-07 | 2026-04-13 |
| CUESTA, Marta | Director | 2013-02-22 | 2015-05-07 |
| KAHAN, Barbara | Director | 2013-02-20 | 2013-02-20 |
| PAPADIMITRIOU, Michael | Director | 2015-10-30 | 2025-03-31 |
| REIGLE, Ryan Jamieson, Mr. | Director | 2020-07-22 | 2023-06-27 |
| STILL, Kevin Alan | Director | 2015-05-07 | 2015-08-31 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Formula E Holdings Limited | Corporate entity | Shares 75–100% | 2016-04-06 | Ceased 2016-04-06 |
Filing timeline
Last 20 of 76 total filings
Material constitutional events — rename, articles re-file, resolution
- 2023-11-07 MA Memorandum articles
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-07-07 | AA | accounts | Accounts with accounts type full | |
| 2026-06-02 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2026-04-15 | TM01 | officers | Termination director company with name termination date | |
| 2025-11-04 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2025-07-29 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2025-07-23 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2025-07-01 | AA | accounts | Accounts with accounts type full | |
| 2025-04-25 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2025-03-31 | TM01 | officers | Termination director company with name termination date | |
| 2025-02-20 | AP01 | officers | Appoint person director company with name date | |
| 2024-11-19 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2024-07-08 | AA | accounts | Accounts with accounts type full | |
| 2024-05-31 | CH01 | officers | Change person director company with change date | |
| 2024-05-28 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2024-05-20 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2024-05-07 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2024-03-27 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2023-11-21 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2023-11-09 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2023-11-07 | MA | incorporation | Memorandum articles |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 4
- Capital events
- 0
- Officers appointed
- 0
- Officers resigned
- 1
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.