Revenues up at Williams but Liberty plans key to future
The Williams F1 team earned increased revenues in 2017 compared to the previous season, but CEO Mike O'Driscoll has stressed that Liberty's long-term plans to level the playing field are key to the squad's future prospects.
The team generated £125.6m in 2017, up from £116.7m in 2016, presumably because sponsorship associated with Lance Stroll made a significant contribution.
Earnings (EBITDA) for the F1 team increased from £12.4m to £16.0m.
Despite an improved performance from the F1 team's sister company Williams Advanced Engineering, the picture for parent Williams Grand Prix Holdings saw overall revenues actually down from £167.4m in 2016 to £166.2m in 2017, and EBITDA falling from £15.5m to £10.8m, due to "a reduction in non-recurring project revenue".
O'Driscoll said that the results showed that the company is in good shape, and is still able to invest.
"The team at Williams delivered solid results last year and our 2017 financial performance reflects that continued progress," he said.
"Revenue was up at both the F1 operation and Williams Advanced Engineering in 2017, following on from a strong performance in 2016. Our results gave us confidence to continue investing in our facility and technical capabilities."
Pointing out that Williams was the only team outside the big three to score a podium finish in 2017 O'Driscoll added: "This illustrates the large gap in competitive expenditure between the leading teams and the rest of the grid.
"We are hopeful that Liberty Media's long-term vision for the future of the sport can deliver a more level playing field, on which all teams can compete more fairly.
"In the meantime, we are intensely focused on improving our own performance, following a tough start to this season's campaign."
He added: "Although there are many challenges on the horizon, we are well placed to succeed, with a strong and talented organisation, and world class facilities.
"These results once again demonstrate the capabilities of the Williams team to continue to grow the business in a tough and unrelenting environment."
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