Williams has reported an increase in losses for the first half of 2019 as the impact of recent poor performance bites.
Last year saw the historic British outfit finish bottom of the Constructors’ standings with just seven points and the situation has gotten worse this season as they fill the same position with just a single point to their name.
During their tough spell, the financial health of Williams has always been talked up, however, total revenue for both the F1 operation and their Advanced Engineering arm dropped by nearly £5m on the same period a year ago, with losses spiking to £18.8m from £2.7m
“Our financial results reflect a challenging half-year for our F1 operations, yet also demonstrated continued growth in the Williams Advanced Engineering business,” said group CEO Mike O’Driscoll, as the latter saw £9m increase in revenue.
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“The F1 financial results primarily reflect our finishing position in last year’s Constructors’ Championship and the consequent reduction in prize money [which is paid a year in arrears].
“There was also an overall reduction in partnership income compared to the first half of 2018, although we secured major new partnerships with ROKiT and Orlen.
“Although we are enduring another tough season on track, we have seen some recent signs of improvement, and we continue to attract interest from potential partners as one of the longest standing Formula 1 teams.
“This is best demonstrated by the recent two-year extension to our title partnership deal with ROKiT who will now continue with us until at least 2023.”
During recent financial reports, Williams has been keen to highlight the ongoing efforts to limit spending through a budget cap in 2021 as well as other measures.
Now that more details have been revealed optimism is growing.
“Negotiations with Formula One management and Liberty Media regarding the future of the sport from 2021 have been productive and we believe, when finalised, will represent a much-needed opportunity for Williams to benefit from a more level financial playing field, as well as new technical regulations,” the CEO continued.
“Although we continue to face challenges in a very dynamic environment, we currently believe the majority of the impact on EBITDA for the full year has already been captured in these interim results.
“We continue to believe we are well placed to respond to the challenges ahead, with world-class facilities and a strong and talented organisation.”