Williams post pre-tax losses of £5 million

Williams post pre-tax losses of £5 million


Williams Grand Prix Holdings has revealed that it posted pre-tax losses of £5 million in 2012.0584LW1D1243

The end of year deficit contrasts with the teams £7.4 million profit made in 2011. However it did link the figures to “the impact of a technical accounting treatment of one of the Group’s key receipts”. This means that the £9.4 million made by the team through the sports commercial rights was not included in the results.

However there were positive signs for the business after they announced increases in turnover from £102.3 million to £124.3 million, an overall group turnover increase of 22 percent to £127 million.

This is a significant rise from the £104 million turnover made in 2011.

The groups Hybrid Power business turned over £2.4 million in profits, up £0.3 million, whilst their Williams Technology Centre in Qatar improved its turnover by £0.2 million.

Williams F1 Team boss Frank Williams said in a team statement, “2012 saw Williams make encouraging progress on and off the track and we are determined to continue that upward trend in 2013,”

“The win at the 2012 Spanish Grand Prix was a particular highlight and we continue to develop strong sponsorship partnerships and engineering relationships. At the end of the year Williams finished eighth in the constructors’ championship.

“There is still a way to go for the team to get to where we should be, but improvements on previous seasons are evident.”

Eighth in the constructors was far from satisfactory for the team though after showing flashes of strong race and qualifying pace. Unfortunately Bruno Senna’s consistency and Pastor Maldonado’s raw speed failed to materialise into a representative constructors position.

Despite the positive signs in the turnover stakes, Williams has yet to score a point this season due to the problematic FW35. Valtteri Bottas and Pastor Maldonado have both come close to scoring points in Malaysia and Bahrain respectively with equal best results of 11th place.

Image courtesy of Octane Photographic