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Williams Grand Prix Holdings has posted a £5million loss for 2012, despite winning the Spanish Grand Prix with Pastor Maldonado last season.
The group recorded a loss of 0.6mn for Williams Grand Prix Engineering, but increased its turnover by 21.5% to £124.3mn.
Despite team boss Sir Frank Williams admitting that his team still has a way to go to meet its on track targets, its performance last season had been encouraging for the business' future.
“At the end of the year the Williams F1 Team finished 8th in the constructors' championship. There is still a way to go for the team to get to where we should be, but improvements on previous seasons are evident,” said Williams.
“2012 saw Williams make encouraging progress on and off the track.
The win [at the Spanish Grand Prix] was a particular highlight and we continue to develop strong sponsorship partnerships and engineering relationships.”
Alex Burns, the team's chief executive officer, was equally as encouraged as Sir Frank and claimed that £9.4mn had not been included in the accounts; had they been, then the group would have posted a profit.
“Strong turnover in the year of £127.0 million reflects our revenue from Formula One and our ability to earn commercial returns from diversification,” said Burns. “During the year the Group made an overall loss before taxation of £5.0 million.
“[A] revenue of £9.4 million, received under the Bilateral Agreement with Formula One World Championship Limited, the sport's commercial rights holder,” he continued, “has not been included in these results because of the technical interpretation of today's accounting standards.”
Despite the team's optimism, Williams has yet to score a point in 2013.
The group recorded a loss of 0.6mn for Williams Grand Prix Engineering, but increased its turnover by 21.5% to £124.3mn.
Despite team boss Sir Frank Williams admitting that his team still has a way to go to meet its on track targets, its performance last season had been encouraging for the business' future.
“At the end of the year the Williams F1 Team finished 8th in the constructors' championship. There is still a way to go for the team to get to where we should be, but improvements on previous seasons are evident,” said Williams.
“2012 saw Williams make encouraging progress on and off the track.
The win [at the Spanish Grand Prix] was a particular highlight and we continue to develop strong sponsorship partnerships and engineering relationships.”
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| Photo: Williams F1 Team |
Alex Burns, the team's chief executive officer, was equally as encouraged as Sir Frank and claimed that £9.4mn had not been included in the accounts; had they been, then the group would have posted a profit.
“Strong turnover in the year of £127.0 million reflects our revenue from Formula One and our ability to earn commercial returns from diversification,” said Burns. “During the year the Group made an overall loss before taxation of £5.0 million.
“[A] revenue of £9.4 million, received under the Bilateral Agreement with Formula One World Championship Limited, the sport's commercial rights holder,” he continued, “has not been included in these results because of the technical interpretation of today's accounting standards.”
Despite the team's optimism, Williams has yet to score a point in 2013.