The Williams Formula 1 team posted “solid” financial results in 2018, despite a poor performance on track leading to the outfit tumbling to last in the constructors’ championship.
Figures announced today showed that both the F1 team and its sister company Williams Advanced Engineering generated increased revenue compared to 2017, although 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 [a] non-recurring one-off item.”
Williams CEO Mike O’Driscoll admitted that Williams’s hopes are resting on the changes Liberty is planning for 2021, which are aimed at levelling the playing field.
“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.”
Williams has lost title sponsor Martini – which it replaced with ROKiT in 2019 – as well as the backing from Lance Stroll and Sergey Sirotkin last year.
In addition, the reduced F1 income triggered by last year’s tumble to 10th place, and what looks likely to be repeated in 2019, is set to have an impact on this year’s financial performance.
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.”