Williams F1 Announces Further Losses
September 9, 2013
The Williams Formula 1 business has revealed losses have increased for the first half of this year adding to their pain as the team continues to struggle on the track.
The F1 business of Williams Grand Prix Holdings made a loss of £5.6m, up from £4.6m in the first half of 2012.
But Williams Grand Prix Holdings, the holding company of the Williams Group of companies, which includes Williams Grand Prix Engineering Limited and Williams Hybrid Power Limited, did reduce its loss overall.
The Formula One business recorded a turnover of £43.5m, closely matching the half year turnover for 2012 of £43.4m. Williams Advanced Engineering, the division of the Group that commercialises Formula One derived intellectual property and know-how, recorded a turnover of £11.2m (2012: £20.2m), with an increase in EBIT to £4.5m (2012: £3.7m)
Founder Sir Frank Williams said the firm was well placed to make progress.
So far this season, the Williams F1 team has only managed to win one point on the track after 12 races.
Speaking about the results, Williams said: “Whilst the 2013 Formula One season has not brought the sort of results expected of a team with our history and pedigree, these half year financial results show that we are well placed to make progress with our business on all fronts.
“We have made strong personnel changes this year that will aid in returning us to winning ways. Of particular note is the arrival of Pat Symonds as Chief Technical Officer, who brings unrivalled technical and leadership skills in addition to a proven ability to deliver on track results. We have also announced a long term engine partnership with Mercedes that puts us in a strong position to successfully negotiate next year’s regulation changes. The Williams F1 Team also announced a total of nine new sponsorship acquisitions, renewals and upgrades for 2013, with a strong pipeline of potential sponsors in place for 2014.”
Williams are one of the most successful teams in F1, but they have slipped from the pedestal they occupied when they dominated the sport for much of the 1980s and 1990s.
They have not won a championship since 1997 and last won a grand prix in 2012, when Pastor Maldonado won the Spanish Grand Prix, their first victory since 2004.