Williams Formula 1 team announced its financial results on Friday
Williams Grand Prix Holdings, the parent company of Williams including the Grand Prix and Advanced Engineering divisions, announced its financial results on Friday for the year ending December 31 2017.
While the group’s revenue was down in 2017 at £166.2m compared to £167.4m in 2016, Williams’ Formula 1 revenue increased: the F1 business made £125.6m in 2017 compared to £116.7m in 2016. EBITDA – earnings before interest, taxes, depreciation and amortisation – increased £3.6m from 2016’s figure of £12.4m.
Contributing factors to the rise in revenue include Valtteri Bottas’ switch to Mercedes for a reported £10m and the increased revenue from Lance Stroll’s backers.
“The team at Williams delivered solid results last year and our 2017 financial performance reflects that continued progress,” said Mike O’Driscoll, group CEO. “Revenue was up at both the Formula 1 operation and WAE in 2017, following on from a strong performance in 2016. Our results gave us confidence to continue investing in our facility and technical capabilities.”
O’Driscoll praised the team’s second successive fifth place finish in the constructors’ championship and Lance Stroll’s podium at the 2017 Azerbaijan Grand Prix.
However, he said that Liberty Media must 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.”
Williams currently sits last in the constructors’ standings without a point this season, behind Force India.
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