The Williams Group has announced its financial results from 2016, showing not only a significant profit increase within the race team itself but the whole company including Williams Advanced Engineering.
Being the only team on the grid that is fully listed on the stock market, the team is required to make its financial results public.
In 2015, the Williams Group made a revenue of £125.6m, where in 2016 this had increased to £167.4m.
The grand prix outfit also generated a £15.5m increase from £101.5m in 2015 to £116.7m in 2016, showing that the company is moving from strength to strength through significant rebuilding in recent years.
CEO of the Williams Group, Mike O’Driscoll said: “Our 2016 financial results represent continued improvement, with strong revenue growth across both Formula One and Advanced Engineering.
“Following a complete restructuring of our business over the previous two years, both operationally and financially, we made further gains in 2016.
“Our Formula One division continued to operate profitably, despite enormous levels of competitive spending in what is arguably sport’s toughest financial environment. Williams Advanced Engineering, although still a developing business, continues to make excellent progress.”
With the boost in financial growth for the team, it is not surprising that they have continued to push forwards in its aims to move up the grid, with the signing of Paddy Lowe to chief technical officer effectively replacing Pat Symonds as part of that remit.
With Liberty Media taking control of the sport, Williams will be hopeful the new commercial rights holders will act upon some of the sports more difficult financial difficulties with regards to a reduction in costs and better revenue distribution.
“Our Formula One team achieved fifth place in the constructors’ championship in 2016, following successive third place finishes the previous two years.
“Commercial rights income is paid a year in arrears, and these accounts reflect our third place in the 2015 constructors’ championship.
“We have recently made significant new appointments to our technical team, in our push to improve on-track performance and drive Williams to the front of the grid.
“Our team continues to attract support from some of the world’s leading companies and brands, and we are very optimistic about the overall potential for the sport, under Liberty Media’s stewardship.
“These financial results demonstrate that we are continuing to build a stronger and more capable organisation, and a solid foundation for future sporting and commercial success.”
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