Williams lost £84 million last year as the Formula 1 team achieved its best constructors’ championship result since 2017.
Alexander Albon and Logan Sargeant scored 28 points to put Williams seventh in the standings ahead of AlphaTauri (now RB), Alfa Romeo (now Sauber) and Haas.
The group of companies’ accounts for Williams Grand Prix Engineering reveals its revenue fell and profits rose last year. However it stated the development was in line with expectations as its invests heavily in upgrading its facilities to meet the standard of its rivals.
Williams posted a loss of £84.2 million in 2023, up from £17.9m the year before. Its revenue fell slightly, from £142.8m to £127m, as its income was linked to its 2022 championship performance, when the team finished last.
“Whilst losses have increased compared with 2022, this is in line with expectations and the company’s strategy to continue investing in all areas of the business to drive both on-track and commercial performance in pursuit of success in the medium and long-term,” said the team in a statement.
“Revenue was lower in 2023 as a result of lower commercial rights revenue associated with finishing 10th in the 2022 constructors’ championship,” it noted.
“The strong improvement in on-track performance in 2023 is the result of ongoing investment in infrastructure, transformation and people since 2020,” it added. “The long-term objective of the team remains to return to the front of the grid through continued investment to develop world-leading technology and people.”
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Williams, which was bought by Dorilton Capital in 2020, lies eighth in the championship after the first 18 rounds of 2024. The team pointed out its assets of £67.3m give it “a sound financial base on which to continue the team’s long term strategy of returning to the front of the grid and being financially sustainable.”
Last year was Williams’ first season following the appointment of James Vowles as team principal. He replaced Sargeant with Franco Colapinto three races ago and Carlos Sainz Jnr will take over as Albon’s team mate next year.
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Formula 1
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