LONDON: Red Bull Racing spent £237.3 million ($304.84 million) in finishing third in Formula One last season and recognised ‘adaptions’ would be needed to meet a $145 million cost cap coming in for 2021. The Honda-powered team, one of two owned by the Austrian energy drink company, reported a profit of £618,000 compared to a previous 923,000 in the year ending Dec. 31. The expenditure compared to £239.6 million in 2018, when British-based Red Bull were also third and using Renault engines. Turnover was 245.4 million pounds, up slightly from a previous £245.1 million. “Costs remain under control and the team is mindful of adaptions necessary for new FIA Financial Regulations coming into force for 2021,” Red Bull principal Christian Horner said in a note accompanying the figures. The $145 million cost cap is being imposed as part of measures aimed at creating a more level playing field for the 10 teams, but that excludes major elements such as driver salaries, marketing and travel. The budget cap drops to $140 million in 2022 and $135 million for 2023-25 which will mean big teams like Red Bull having to cut their spending while some smaller outfits still have room to expand. Red Bull did not detail how much of the 2019 expenditure would be exempt from the cost cap. Horner said the team had examined the company’s exposure to Brexit and had plans in place to enable operations to continue unaffected. Champions Mercedes spent £333 million in winning both titles last year but also reported a profit, according to accounts published last month. Red Bull have Dutch 23-year-old Max Verstappen on a long-term contract, with British-born Thai Alexander Albon his current team mate, and are currently second overall. Verstappen, the sport’s youngest ever race winner, took three victories last year.