The Williams F1 Team has posted an increase in revenue for 2018 despite its on-track performance nosediving, which saw it tumble to last in the standings.
The team is part of the larger Williams Grand Prix Holdings company which released its latest financial statement on Friday and saw revenue rise to £176.5m in 2018, up from £166.2m in 2017. This was also reflected in their profit with a £2.1m rise to £12.9m (EBITDA).
The F1 operation saw profits remain flat at £16m, but revenue rose by £5.1m to £130.7m, which was "supported by a non-recurring one-off item". The statement doesn't specify what this is, but it could relate to driver Lance Stroll's contract termination following his switch to Racing Point.
Williams Advanced Engineering, which is separate to the F1 operation, saw revenue increase to £44.8m in 2018 (2017: £39.5m), and a profit of £5.1m, up from £5m.
"The financial results for 2018 represent another year of strong performance at Williams," said Mike O’Driscoll, Group Chief Executive Officer. "Revenue was up in both the Formula 1 operation and Williams Advanced Engineering in 2018, following on from similarly strong performances in recent years.
"Our Formula 1 team had high expectations that we could build on four years of very solid performance in the FIA Constructors’ Championship 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. 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."
The loss of pay drivers Stroll and Sergey Sirotkin, plus title sponsor Martini, as well as its slump to last in the standings, could see Williams' finances hit hard in 2019, although the addition of new title sponsor ROKiT and Orlen could offset some of that loss.
