Williams Grand Prix on track as first half losses narrow
A day after delighting fans by securing its on-form driver line-up for the Formula One 2016 season, Williams Grand Prix treated investors to some better news about its finances.
Losses at the company narrowed to £1.4 million from £19.6 million in its first half, while revenue revved up to £63.2 million from £44.1 million.
Revenue at its Formula One division was up almost 50% at £51.8 million.
Williams announced yesterday that it had retained drivers, Brazilian Felipe Massa and Finn Valtteri Bottas, for the 2016 season.
The drivers, who are sitting fifth and sixth in the drivers’ championship, have helped the team to third place in the constructors’ ranking, behind Lewis Hamilton’s Mercedes and Ferrari.
Chief executive Mike O’Driscoll said: “The improved performance of our Formula One team on the track is now reflected in both higher commercial rights income and increased sponsorship revenue.
“We will prioritise technological innovation, but simultaneously continue to balance our investment, with strong controls, during a time of rising costs for all constructors.”
The team has been one of the strongest on the circuit in the past two seasons, but has not won a race since Pastor Maldonado’s 2012 victory in the Spanish grand prix.
