The Williams Formula 1 team has reported a rise in profits of just under 30 per cent in their latest statement for the 2017 financial year.
The British team, which is part of the wider Williams Grand Prix Holdings PLC Group, saw a rise in both revenue and EBITDA (earnings before interest, taxes, depreciation, and amortization) on the back of another fifth-place finish in the Constructors' Standings.
F1 revenue rose by £8.9 million ($12.5m) to £125.6m ($176.6m), whilst profits increased 30 per cent to £16m ($22.5m), compared to £12.4m ($17.4m) in 2016.
The Advanced Engineering department recorded a £5m profit, up £0.8m. However the overall group saw profits shrink to £10.8m compared to £15.5m in 2016 as 'Other' costs, consisting of Williams Heritage, Williams Conference Centre and other projects delivered outside of F1 and advanced engineering, rose to £10.2m.
The figures do however show that the F1 side remains profitable for Williams, though group chief executive officer Mike O’Driscoll warned the team must improve its performance this year as it currently sits last in the standings with zero points, which could cost tens of millions in prize money.
"The team at Williams delivered solid results last year and our 2017 financial performance reflects that continued progress," said O’Driscoll. "Revenue was up at both the Formula One operation and Williams Advanced Engineering in 2017, following on from a strong performance in 2016. Our results gave us confidence to continue investing in our facility and technical capabilities.
"Our Formula One team maintained fifth place position in the FIA Constructors’ Championship for the second successive year. Williams Martini Racing was the only team, outside of the top three, to reach the podium in 2017, which was achieved by Lance Stroll at the Azerbaijan GP.
"This illustrates the large gap in competitive expenditure between the leading teams and the rest of the grid. We are hopeful that Liberty Media’s long-term vision for the future of the sport can deliver a more level playing field, on which all teams can compete more fairly.
"In the meantime, we are intensely focused on improving our own performance, following a tough start to this season’s campaign.
"Although there are many challenges on the horizon, we are well placed to succeed, with a strong and talented organization, and world class facilities. These results once again demonstrate the capabilities of the Williams team to continue to grow the business in a tough and unrelenting environment."
