Despite Williams Grand Prix Holdings PLC reporting a loss of £34million for 2014, the company remains confident that its financial results will improve this year.
The F1 section of the group made a loss of £42.5million, which it puts down to lower revenue – after a difficult 2013, where the team finished ninth in the constructors’ standings – and higher costs for the 2014 season.
The previous on-track struggles saw Williams embark on a "turnaround strategy" to bring the team back to the front and "put in place the foundations for a profitable engineering business".
For the year ending December 2014, the Williams group’s revenue fell from £130.4million to £90.2million, while the overall loss was £34million (compared to £11.9million in 2013).
However, with the F1 team’s return to the front bringing increased commercial rights and sponsorship income, Williams remains optimistic about the future.
"The decision to invest in the team has been more than validated, with a third place finish in the 2014 Constructors’ Championship, up from ninth in 2013," said Mike O’Driscoll, Group CEO.
"Mid-way through 2013 we set out on an ambitious turnaround strategy to reinvigorate the Formula One team, create a strong and profitable Advanced Engineering business, and divest non-core activities.
"In 2014 we made very good progress against those objectives, investing significantly in people, facilities, and technology which we believe will provide a solid foundation for the future."
This article first appeared on Richland F1.
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| © Octane Photographic |
The previous on-track struggles saw Williams embark on a "turnaround strategy" to bring the team back to the front and "put in place the foundations for a profitable engineering business".
For the year ending December 2014, the Williams group’s revenue fell from £130.4million to £90.2million, while the overall loss was £34million (compared to £11.9million in 2013).
However, with the F1 team’s return to the front bringing increased commercial rights and sponsorship income, Williams remains optimistic about the future.
"The decision to invest in the team has been more than validated, with a third place finish in the 2014 Constructors’ Championship, up from ninth in 2013," said Mike O’Driscoll, Group CEO.
"Mid-way through 2013 we set out on an ambitious turnaround strategy to reinvigorate the Formula One team, create a strong and profitable Advanced Engineering business, and divest non-core activities.
"In 2014 we made very good progress against those objectives, investing significantly in people, facilities, and technology which we believe will provide a solid foundation for the future."
This article first appeared on Richland F1.
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