On Monday, it was announced by the Williams team has reported a return to profit after a second successful season with Mercedes power in 2015.
As it did in 2014, Williams finished last year’s campaign third in the constructors’ championship. Last year it reported a £31.5 million loss before it had received revenue for its 2014 finish, but has now posted a £0.2 million profit from the previous campaign.
The Williams team has also reported revenues of £101.5 million, up from £70.2 million last year. Williams Grand Prix Holdings PLC saw its revenues increase from £90.2 million in 2014 to £125.6 million, and reduced its EBITDA from a loss of £37 million in 2014 to a loss of £3.3m million last year.
In an interview with the media today, CEO Mike Driscoll said the following about the team returning to profit:-
‘Our 2015 financial results represent a major improvement, with strong revenue growth and positive cash flow. Over the past two years we have completely restructured our business, and our results reflect significant progress, both operationally and financially.
‘We were able to continue our resurgence on the track, and balance revenue and expenditure, despite enormous levels of competitive spending in what is sport’s most challenging financial environment. Williams Advanced Engineering continues to make excellent progress and contributes to our overall results.
‘Our Formula One team achieved third place in the Constructors’ Championship for the second successive season in 2015, illustrating the clear step change we have made in our racing competitiveness since we began our restructuring. Commercial rights income is paid a year in arrears, and these accounts reflect our much improved third place in the 2014 Constructors’ Championship.’