Williams confirms income up by 25 per cent
2 May 2014 – Williams increased its come by 25 per cent to over £130 million in 2013, it has been announced.
Williams Grand Prix Holdings PLC, which includes Williams Grand Prix Engineering Limited – the Formula 1 team, said the increase in income and earnings was due primarily to 'a special non-recurring sponsorship payment', which drove an increase in Formula 1 income to £108.5m, and a corresponding improvement in Earnings Before Income and Tax (EBIT).
The team did not elaborate on where the 'special' payment came from, but it is no doubt linked to PDVSA's decision to terminate its sponsorship deal with the team early and place Pastor Maldonado at Lotus. The Venezuelan oil company had been a major backer.
The figures do not take into account the sale of Williams Hybrid Power and the Williams Technology Centre, Qatar either, which ceased to be part of the Group in the first quarter of 2014.
"Although 2013 was a difficult season for the team on the race track, we report these full year results at a time of much optimism for the Williams Group," said Sir Frank Williams, Founder and Team Principal of Williams. "We have started the 2014 Formula 1 season well and hope we can continue to improve our performance. We made good progress commercially through the winter months and Williams continues to attract an enthusiastic and very loyal group of partners and fans. These annual results demonstrate that we continue to manage our business in a fiscally responsible way and provide the foundation from which we can continue to grow."
Mike O'Driscoll, Group Chief Executive Officer, added: "We began the process of refocusing and restructuring midway through last year and we are making good progress against our strategic objectives of strengthening our Formula 1 performance and building a robust and profitable advanced engineering business.
"The Formula 1 engineering team has been strengthened significantly and is now led by Pat Symonds, our Chief Technical Officer. A long-term power unit contract with Mercedes-Benz has already proved its worth and supported a strong start to the season.
"Solid commercial progress through the winter months included a new title sponsorship and rebranding under the exciting Williams Martini Racing banner plus additional new partners. We are committed to the goal of returning the team to winning ways."