Williams Grand Prix may be enjoying a renaissance on the track but crashed to a wider first-half loss today after investing heavily in its operations.
The company, founded by Sir Frank Williams in 1977, saw its income fall 17% to £46.6 million with headline losses of £17.1 million, compared with a £2.7 million loss in 2013.
Williams lies fourth in the F1 constructors’ championship with both its drivers, Valtteri Bottas and Felipe Massa among the top 10 drivers.
British rival McLaren has struggled to keep up and lies 45 points behind Williams ahead of this weekend’s Italian Grand Prix in Monza. McLaren did, however, swing back into the black last year with an £18.8 million profit.
Mike O’Driscoll, Williams’ chief executive, said: “At the beginning of the second half of last year we began an ambitious strategy to rebuild the Formula One organisation, develop a strong advanced engineering division, and divest non-core operations. This… has required significant investment.”
