Williams has played down reports it suffered a financial loss last year, insisting instead that it is gearing up to expand. Listed on the Frankfurt stock exchange, the British team this week revealed a pre-tax loss of almost $8 million last year, having turned a profit in 2011.
But spokesman James Francis said the financial report could not include almost $15 million in formula one income. "If that figure had been included we would have turned a loss into a profit," he told the Oxford Mail. "It would have been a smaller profit (than 2011), but a lot of investment has happened."
The Williams spokesman said building work on a new research and development department is still scheduled to start. The team is yet to score a point in 2013. "There is still a way to go for the team to get to where we should be," said Sir Frank Williams, "but improvements on previous seasons are evident." (GMM)
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