Formula 1
Formula 1
R
Australian GP
12 Mar
-
15 Mar
Next event in
44 days
19 Mar
-
22 Mar
Next event in
51 days
02 Apr
-
05 Apr
Next event in
65 days
16 Apr
-
19 Apr
Next event in
79 days
30 Apr
-
03 May
Next event in
93 days
07 May
-
10 May
Next event in
100 days
21 May
-
24 May
Next event in
114 days
R
Azerbaijan GP
04 Jun
-
07 Jun
Next event in
128 days
11 Jun
-
14 Jun
Next event in
135 days
25 Jun
-
28 Jun
Next event in
149 days
02 Jul
-
05 Jul
Next event in
156 days
16 Jul
-
19 Jul
Next event in
170 days
R
Hungarian GP
30 Jul
-
02 Aug
Next event in
184 days
27 Aug
-
30 Aug
Next event in
212 days
03 Sep
-
06 Sep
Next event in
219 days
R
Singapore GP
17 Sep
-
20 Sep
Next event in
233 days
24 Sep
-
27 Sep
Next event in
240 days
08 Oct
-
11 Oct
Next event in
254 days
R
United States GP
22 Oct
-
25 Oct
Next event in
268 days
29 Oct
-
01 Nov
Next event in
275 days
R
Brazilian GP
12 Nov
-
15 Nov
Next event in
289 days
R
Abu Dhabi GP
26 Nov
-
29 Nov
Next event in
303 days

Williams income up in 2018 despite poor F1 results

shares
comments
Williams income up in 2018 despite poor F1 results
By:
Apr 5, 2019, 9:19 AM

The Williams Formula 1 team posted solid financial results in 2018, despite a poor performance on track leading to the Grove outfit tumbling to last in the constructors' championship.

Figures announced on Friday showed that both the F1 team and its sister company Williams Advanced Engineering generated increased revenue compared to 2017, although EBITDA [earnings before interest, taxes, depreciation and amortisation] remained at similar levels for both.

Revenue at the F1 team was up from £125.6m to £130.7m, with earnings remaining stable at £16.0m.

The team earned income from the F1 organisation based on its the fifth places it posted in the previous two seasons, while its financial performance was "supported by non-recurring one-off item".

Williams CEO Mike O'Driscoll admitted that the team has been through some tough times, and made it clear that hopes are resting on the changes Liberty is planning for 2021, and which are in large part intended to help midfield teams to compete.

"Our F1 team had high expectations that we could build on four years of very solid performance in the FIA Constructors' Championship," said O'Driscoll.

"But unfortunately, we struggled to maintain the pace of technical development and endured a difficult season.

"There is a very large gap in competitive expenditure between the leading teams and the rest of the grid, but we are increasingly hopeful that Liberty Media's long-term vision and plans for the future of the sport can deliver a more level playing field on which all teams can compete fairly.

"In the meantime, we are intensely focused on improving our own performance, following a tough start to this season's campaign."

The departure of title sponsor Martini, the loss of backing associated with 2018 drivers Lance Stroll and Sergey Sirotkin, and the reduced F1 income triggered by last year's tumble to 10th place and what looks likely to be repeat in 2019 are all set to have an impact on this year's financial performance.

However, O'Driscoll stressed that the team has attracted new support: "We were delighted to commence a new title partnership with ROKiT and to welcome Orlen to our partner community for 2019, demonstrating the continued strength of the Williams brand."

The engineering business saw a rise in revenue from £39.5m to £44.8m, with a small rise in earnings from £5.0 to £5.1m. O'Driscoll noted: "We continued to invest in both our people and technical capabilities. Our expertise in electrification and lightweight material technology provides an excellent foundation for future growth."

Next article
Alonso not just "having fun" with post-F1 challenges

Previous article

Alonso not just "having fun" with post-F1 challenges

Next article

Red Bull targets fix for aero issues by Spanish GP

Red Bull targets fix for aero issues by Spanish GP
Load comments

About this article

Series Formula 1
Teams Williams
Author Adam Cooper