The Williams Formula 1 team has posted significant financial losses for the start of 2019 following its poor results in 2018.

After finishing bottom of the F1 world constructors’ championship last year, while also losing big-money funding from Sergey SirotkinLance Stroll and title sponsors Martini, the British team’s F1 operations recorded a loss of £16.8m, having previously made £0.2m in 2018.

The Williams F1 squad generated a revenue of £46.3m in the first six months of 2019, down from £60.7m in 2018, despite gaining key backing from new title sponsors ROKiT plus support from Orlen through Robert Kubica.

But the British squad’s overall records are offset by improvements from Williams Advanced Engineering which boosted revenue between January-June in 2019 to £30.9m, up from £21.5m in 2018, with an EBITDA (earnings before interest, taxes, depreciation and amortisation) of £2.5m – up from £2.2m in 2018.

The overall business revenue for the first six months of 2019 stands at £77.8m with a deficit on EBITDA of £18.8m.

“Our financial results reflect a challenging half year for our Formula One operations, yet also demonstrated continued growth in the Williams Advanced Engineering business,” Mike O’Driscoll, Group Chief Executive Officer at Williams, said.

“The F1 financial results primarily reflect our finishing position in last year’s Constructors’ Championship and the consequent reduction in prize money (which is paid a year in arrears). 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.

“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.”

O’Driscoll has also reaffirmed Williams’ positive reflection on the 2021 financial shake-up in F1 which he expects to provide a boost to the British team both financially and technically.

“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,” he said.

After a disastrous start to the 2019 F1 season, missing the opening days of pre-season testing before dismissing technical head Paddy Lowe, Williams sits bottom of the teams’ championship having notched up just one point so far this year with Robert Kubica’s 10th place at the German Grand Prix.

 

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