Williams announces increase in revenue and profits in 2016
Williams has revealed the financial results for its Formula 1 team and overall group for 2016, posting improved revenue and profits.
The results of the F1 team were boosted by Williams finishing third in the 2015 constructors’ championship for the second consecutive season.
Williams slipped to fifth in the standings in 2016, but commercial rights income is paid a year in arrears.
The F1 side of the group generated revenue of £116.7million, up from £101.5m in 2015. Its profit (EBITDA) increased from £0.2m to £12.4m.
The overall Williams group – which includes Advanced Engineering and Heritage – saw revenues go from £125.6m in 2015 to £167.4m in 2016.
The EBITDA of the group went from a loss of £3.3m to a profit of £15.5m last year, helped by the “significant growth” of the engineering side of the business.
“Our 2016 financial results represent continued improvement, with strong revenue growth across both Formula 1 and Advanced Engineering,” said group chief executive officer, Mike O’Driscoll.
“Following a complete restructuring of our business over the previous two years, both operationally and financially, we made further gains in 2016.
“Our F1 division continued to operate profitably, despite enormous levels of competitive spending in what is arguably sport’s toughest financial environment. Williams Advanced Engineering, although still a developing business, continues to make excellent progress.
“Our F1 team achieved fifth place in the constructors’ championship in 2016, following successive third place finishes the previous two years.
“Commercial rights income is paid a year in arrears, and these accounts reflect our third place in the 2015 constructors’ championship.
“We have recently made significant new appointments to our technical team, in our push to improve on-track performance and drive Williams to the front of the grid.”