Today, the Martini Williams F1 Team has reported that they have lost £42.5million last year, as its entire group lost £34.3million.
Although the team enjoyed its best season for years in 2014, finishing third in the constructors’ championship, increased costs in F1 and its poor results from ’13 meant its financial performance suffered.
However, with increased sponsorship income on the back of that successful 2014 campaign, plus more commercial rights revenue, the team remains upbeat about the future.
In an interview with the media today, Williams group Chief Executive Officer Mike O’Driscoll –
‘The decision to invest in the team has been more than validated, with a third place finish in the 2014 constructors’ championship, up from ninth in 2013. Mid-way through 2013 we set out on an ambitious turnaround strategy to reinvigorate the Formula 1 team, create a strong and profitable Advanced Engineering business, and divest non-core activities.
‘In 2014 we made very good progress against those objectives, investing significantly in people, facilities, and technology which we believe will provide a solid foundation for the future.’
Williams was adamant last year that it needed to invest heavily in its F1 operation if it was to improve on track – even though that would very likely lead to increased losses for that year.
While Williams’s F1 team lost money in 2014, its advanced engineering business and its now-sold hybrid arm both made a profit which in light of what has been announced today is a very good thing.
Even thought the team have made a loss, it is clear that the loss has helped them move further up in the Constructors Championship last year as a result of their performances on the track. By investing in the team and also their personnel, this will only help them as the team move forward for the future and build on what they have achieved last season.
But the future is looking very bright for the Williams team and I hope that they can do it especially as they have everything in place to do so.