Williams F1 reports year-on-year fall in revenue

Williams has reported a year-on-year fall in both its Formula 1-related and wider group revenue for the first sixth months of 2018 amid its ongoing on-track struggles.

Williams has scored just seven points so far this year, leaving the team at the foot of the f1 constructors’ championship and on course for its worst season since its debut campaign in 1977.

Williams Grand Prix Holdings PLC announced its interim results for the six months to June 30 2018 on Monday, with Group revenue falling from £85.9 million to £82.6m year-on-year.

The F1 side of the business also experienced a fall in revenue, dropping from £65.5m to £60.7m, with Group CEO Mike O’Driscoll saying it reflected “the challenging financial environment we operate in as an independent team.”

“We are enduring a tough 2018 season on track, which has demanded additional investment to tackle performance issues, and we have been working through these while also turning significant attention to the design of next year’s car,” O’Driscoll continued.

“There continues to be a large gap in competitive expenditure between the leading teams and the rest of the grid, and we remain hopeful that the future of the sport under Liberty Media will bring about a fairer, more level playing field for all teams.”

The only rise reported in Williams’ financial results came from its Advanced Engineering arm, which saw revenue climb from £19.9m to £21.5m for the six-month period, albeit with a reduced EBITDA (earnings before interest, tax, depreciation and amortisation) of £2.2m.

“Williams Advanced Engineering continues to grow following a robust performance in 2017, generating revenues across a diverse range of projects and attracting new customers with its growing reputation for outstanding delivery. The reduction in profitability in the first half is all related to the timing of various projects,” O’Driscoll said.

“Its focus remains on providing energy-efficient and technically advanced performance solutions in sectors as diverse as motorsport, aerospace, defence and healthcare. We are also excited about the prospects of our recently announced joint venture with Unipart (Hyperbat Limited) which will produce batteries for premium future hybrid and electric vehicles in a high-tech facility based in the UK.

“Although we continue to face challenges in a very dynamic environment, we are well placed to respond. With world class facilities and a strong and talented organisation, Williams remains determined to succeed.”