The Williams Formula 1 team has posted a big loss following a difficult 2018 season, which saw it finish last with just seven championship points.
The team saw its revenues drop by more than 20 per cent from £60.7m to £46.3m for the first six months of 2019, compared to the same period last year.
This dip saw losses accelerate to £16.8m compared to a £200,000 profit in 2018, which Williams Grand Prix Holdings Group Chief Executive Officer Mike O'Driscoll blamed on their performance and a reduction in "partnership income".
"The Formula 1 financial results primarily reflect our finishing position in last year’s Constructors’ Championship and the consequent reduction in prize money," he said.
"There was also an overall reduction in partnership income compared to the first half of 2018, although we secured major new partnerships with ROKiT and Orlen."
Whilst the team once again looks set to finish last in 2019, with just one point scored so far, O'Driscoll believes their financial situation could improve.
"Although we are enduring another tough season on track, we have seen some recent signs of improvement, and we continue to attract interest from potential partners as one of the longest standing Formula 1 teams.
"This is best demonstrated by the recent two-year extension to our title partnership deal with ROKiT who will now continue with us until at least 2023.
"Negotiations with Formula 1 management and Liberty Media regarding the future of the sport from 2021 have been productive and we believe, when finalised, will represent a much-needed opportunity for Williams to benefit from a more level financial playing field, as well as new technical regulations."
Overall WGPH reported a loss of £18.8m when factoring in the entire business, including Williams Advanced Engineering, which saw profits rise to £2.5m from £2.2m last year.
Other costs, such as Williams Heritage, Williams Conference Centre, group costs, and other projects delivered outside of F1 and Williams Advanced Engineering contributed a £4.5m loss.
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