Williams: Performance push led to losses
5 September 2014 – Williams has claimed that the additional investment required to try to move the team towards the front of the Formula 1 grid is the reason behind it reporting financial losses for the first half of 2014.
In its interim financial results, made public on Friday, the Grove-based squad confirmed losses of £20.7 million for the Formula 1 team and £18.8 million for the whole Williams group over the first six months of the year.
But Williams says the figures were to be expected after a push to improve performance, which has seen the outfit rise from five points last season to 150 in 2014 – including four podiums – with seven rounds still to run.
"These financial results are in line with the board's expectation of what is required to rebuild and reinvigorate the team and we believe that they reflect the transitionary period that we must continue to work through if we are to realise the potential of the Group," Williams Group Chief Executive Officer Mike O'Driscoll said of the situation.
Additional factors include the team switching from Renault to Mercedes for the new turbo era, plus the exit of Pastor Maldonado and his PDVSA backing after a settlement was agreed, but Williams would be in line for a sizeable increase in commercial rights revenue if it holds on to fourth position in the championship standings.
O'Driscoll is also hopeful of increasing the team's sponsorship portfolio, given its upturn in performance.