[ad_1]
Williams incurred a loss of £84 million last year while achieving its best constructors’ championship result since 2017.
Alexander Albon and Logan Sargeant contributed 28 points to place Williams in seventh position ahead of AlphaTauri (now RB), Alfa Romeo (now Sauber) and Haas in the standings.
The financial accounts of Williams Grand Prix Engineering showed a decrease in revenue but an increase in profits last year. The company highlighted that this was in line with their expectations as they continue to heavily invest in upgrading their facilities to match those of their competitors.
In 2023, Williams reported a loss of £84.2 million, up from £17.9 million the previous year. Revenue slightly decreased from £142.8 million to £127 million, reflecting their performance in the 2022 championship where they finished last.
The team stated, “While the losses have grown compared to 2022, this aligns with our expectations and strategy of investing in all areas of the business to enhance on-track and commercial performance in the medium and long-term.”
They also acknowledged a decrease in revenue in 2023 due to lower commercial rights revenue following their 10th place finish in the 2022 constructors’ championship.
Williams attributed their improved on-track performance in 2023 to continuous investments in infrastructure, transformation, and personnel since 2020. Their ultimate goal remains to reclaim a leading position on the grid through ongoing investments in cutting-edge technology and talent.
Advert | Become a RaceFans supporter and
After the first 18 rounds of the 2024 season, Williams, now under Dorilton Capital since 2020, sits in eighth place in the championship. They emphasized their assets of £67.3 million provide a solid financial foundation to pursue their long-term strategy of returning to the front of the grid and achieving financial sustainability.
2023 marked Williams’ inaugural season under the leadership of James Vowles as team principal. Vowles recently replaced Sargeant with Franco Colapinto as a driver, and Carlos Sainz Jnr is set to join as Albon’s teammate next year.
Miss nothing from RaceFans
Get a daily email with all our latest stories – and nothing else. No marketing, no ads. Sign up here:
Formula 1
Browse all Formula 1 articles
[ad_2]
Source link
