user icon

Williams still moving up the grid despite £21m loss

  • Published on 12 Sep 2014 11:43
  • comments 0
  • By: Danny Sosef
Williams F1 is winning on the track this season but racked up a £21m loss for the first half of this year. Turnover was £44m, down from £57.7m the same time last year, with pre-tax losses plunging from £3m to £17.3m.

The drop in turnover is partly because last year’s figure was inflated by a one-off sponsorship payment from the Venezuelen state oil company when former Williams driver Pastor Maldonado was with the team.

And the tumble in profits is the result of heavy investment in the F1 division, including swapping Renault for Mercedes-Benz engines – but the Grove-based Grand Prix team should soon be reaping the rewards.

Last year, it finished ninth in the World Championship but looks set to end the season this November in third or fourth spot, which will net £12m in prize money.

The team announced this week that its drivers, Felipe Massa and Valtteri Bottas will stay for next season.

A new high-profile sponsor, Martini, has also joined existing backers Pirelli and Experian.

The firm also boosted its assets by including its collection of historic racing cars in the accounts for the first time.

The Williams GP Collection includes almost 40 cars identified as the best of their era since 1978 and is valued at £23m.

Another bright spot is that although the firm sold its Williams Hybrid Power division to GKN earlier this year, under the deal it will receive a percentage of sales every year for the next decade.

Williams has also been pumping cash into its Advanced Engineering division, which moved into a new £8m complex on the firm’s 33-hectare site two months ago.

This provides technical, engineering and manufacturing services to other motorsport and automotive firms and is expected to become an even bigger money-spinner.

The firm, which employs 650, could soon take on more staff, according to spokesman James Francis.

He said: “The new centre has space for many more people than are in it at present, so that is a good indicator that they are looking to expand.”

Replies (0)

Login to reply
SM1

Related news

SM2

JP Grand Prix of Japan

Local time 

View more photos

JP Grand Prix of Japan

Local time 

View more photos


Test calendar

Circuit de Catalunya - Testing

See full test schedule

Give your opinion!

Is Charles Leclerc the new number 1 driver at Ferrari?

World Championship standings 2019

Show full world champion standings

Driver profile

  • Team Mercedes
  • Points 1,047
  • Podiums 37
  • Grand Prix 98
  • Country Finland
  • Date of b. Aug 28 1989 (30)
  • Place of b. Nastola, Finland
  • Weight 70 kg
  • Length 1.73 m
Show full profile


Team profile

Show full profile

Formula 1 Calendar - 2019

Date
Grand Prix
Circuit
-
Spain
-
Spain
15 - Mar 17
Australia
29 - Mar 31
Bahrain
-
Bahrain
12 - Apr 14
China
26 - Apr 28
Azerbaijan
10 - May 12
Spain
-
Spain
23 - May 26
Monaco
7 - Jun 9
Canada
21 - Jun 23
France
28 - Jun 30
Austria
12 - Jul 14
United Kingdom
26 - Jul 28
Germany
2 - Aug 4
Hungary
30 - Sep 1
Belgium
6 - Sep 8
Italy
20 - Sep 22
Singapore
27 - Sep 29
Russian
11 - Oct 13
Japan
25 - Oct 27
Mexico
1 - Nov 3
United States of America
15 - Nov 17
Brazil
29 - Dec 1
United Arab Emirates
See full schedule

Formula 1 Calendar - 2019

Date
Grand Prix & Circuit
15 - Mar 17
Australia Albert Park
29 - Mar 31
12 - Apr 14
26 - Apr 28
Azerbaijan Baku City Circuit
10 - May 12
23 - May 26
Monaco Monte Carlo
7 - Jun 9
21 - Jun 23
France Paul Ricard
28 - Jun 30
Austria Red Bull Ring
12 - Jul 14
United Kingdom Silverstone
26 - Jul 28
Germany Hockenheimring
2 - Aug 4
Hungary Hungaroring
30 - Sep 1
6 - Sep 8
Italy Monza
20 - Sep 22
27 - Sep 29
Russian Sochi Autodrom
11 - Oct 13
25 - Oct 27
1 - Nov 3
United States of America Circuit of the Americas
15 - Nov 17
Brazil Interlagos
29 - Dec 1
United Arab Emirates Yas Marina Circuit
See full schedule
show sidebar