Formula 1 team Williams posts significant losses

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The poor performance on track last season has resulted in massive losses for Williams Formula 1 team in the first six months of the year.

Wrestling fans can catch all the action LIVE from UWW World Championship 2019 on www.wrestlingtv.in

The half-yearly revenue has gone down to £46.2 million between January and June, from £ 60.6 million during the corresponding period last year.  The decline in revenue has resulted to an EBITDA (earnings before interest, tax, depreciation and amortisation) loss of £16.8 million as against a profit of £0.2 million during the first half of 2018.

The team had gone down the F1 rankings table from the  fifth in the constructors’ championship to the 10th rank. This has led to a drop in this year’s income from the F1 organisation.

Wrestling fans can catch all the action LIVE from UWW World Championship 2019 on www.wrestlingtv.in

“Our financial results reflect a challenging half year for our F1 operations, yet also demonstrated continued growth in the Williams Advanced Engineering business,” said group CEO Mike O’Driscoll. “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.”

The team had lost title sponsor Martini, now replaced by ROKiT. A new brand in Orlen sponsorship from Robert Kubica has also come on board.

The F1 figures were offset in part by an improved performance for sister company Williams Advanced Engineering, which increased its revenue from £21.5m to £30.9m.

Total combined revenue for parent company Williams Grand Prix Holdings fell from £82.6m to £77.8m, with the overall EBITDA loss increasing from £2.7m to £18.8m.

“Our financial results reflect a challenging half year for our F1 operations, yet also demonstrated continued growth in the Williams Advanced Engineering business,” said O’Driscoll.

Wrestling fans can catch all the action LIVE from UWW World Championship 2019 on www.wrestlingtv.in

“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.”

Even though the F1 team is fearing another big hit on F1 income next year for starting the championship in the 10th place, O’Driscoll is optimistic about future on the back of the 2021 regulations. “We continue to believe we are well placed to respond to the challenges ahead, with world class facilities and a strong and talented organisation.”

Wrestling fans can catch all the action LIVE from UWW World Championship 2019 on www.wrestlingtv.in

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