Williams posts profit in first half of 2017
The Williams Formula 1 team has made a profit of more than £10.4million during the first half of 2017, according to its latest financial results.
Williams took a hit financially to improve its competitive standing in F1 in 2014, the team finishing third in the constructors' championship that season and in 2015 to help the outfit return to profitability.
Despite finishing fifth in the constructors' championship last year, and subsequently taking a drop in prize money, Williams has been boosted by funding from Lance Stroll's billionaire father Lawrence and additional sponsors.
The team's interim financial results show a pre-tax (EBITDA) profit of £10.1million for the F1 side of the business over the first six months of the year, compared to £4.1million during the same period in 2016.
Williams Group chief executive Mike O'Driscoll said this was "largely driven by non-recurring one off items and the revenues associated with project work within that period".
Revenues for the F1 team are up - £65.5million so far in 2017 compared to £51.3million in the same period last year.
However, revenues for the Advanced Engineering branch of the business are down £0.7million to £19.6million, leading to a reduced EBITDA profit of £3.4million, £0.1million down on the same period in 2016.
"These results demonstrate our financial stability as a group, and represent a solid platform from which we can continue to develop our Formula 1 and advanced engineering operations," added O'Driscoll.
"We are delighted to be celebrating our 40th year in Formula 1 during 2017, and we are confident that with recent additions to the team, coupled with investment in facilities we will accelerate our progress in the years ahead.
"We are pleased that Williams Advanced Engineering has consolidated its financial position, while simultaneously making further investments in its core capabilities.
"We continue to face the cost pressures associated with our determination to enhance our Formula 1 performance and in growing Williams Advanced Engineering.
"However, we remain confident in our ability to meet these demands. Wider economic pressures and the evolving Formula 1 landscape will continue to impact our near-term results."
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