Williams performs better off track than on
9 September, 2013
Former champions Williams performed better off track than on in the first six months of the year with results to the end of June showing turnover of £ 43.5 million ($ 67.99 million) for their Formula 1 business.
The figure compared to 43.4 million in the same period of 2012.
Overall turnover for the Williams group of companies for the half year stood at 57.7 million compared to 64.9 million in 2012.
Williams, once the dominant team in Formula 1 with nine constructors’ titles and seven drivers’ crowns between 1980 and 1997, have scored just one point in 12 grands prix so far this season.
The team said that the results of their investment businesses, Williams Hybrid Power and the Williams Technology Centre in Qatar were in line with a long-term business plan.
Full year results were expected to show group turnover between 105 to 113 million compared to 127 million in 2012.
The team drew a blank in Sunday’s Italian Grand Prix at Monza with neither of their drivers, Venezuelan Pastor Maldonado and Finland’s Valtteri Bottas, finishing in the top 10.
“Whilst the 2013 Formula 1 season has not brought the sort of results expected of a team with our history and pedigree, these half year financial results show that we are well placed to make progress with our business on all fronts,” said founder and principal Frank Williams in a statement.
“We have made strong personnel changes this year that will aid in returning us to winning ways.”
Williams have brought in former Benetton and Renault technical director Pat Symonds and are also switching to Mercedes engines from Renault next year when new V6 units are to be introduced to replace the current V8′s.
The team principal said Williams also had “a strong pipeline of potential sponsors in place for 2014.” (Reuters)
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