Williams announce 2016 financial results


Williams have posted very encouraging results for 2016, with financial growth both as an Formula 1 team and their Advanced Engineering branch.

In Formula 1, (EBITDA) profits rose from £0.2million in 2015 to £12.4million last year and revenue shot up from £101.5million to £116.7m.

Their financial success was also reflected in the figures for the entire Williams Group operation, with increased profits from £3.3million to £15.5million and revenues rising from £125.6million to £167.4million.

Group chief executive officer Mike O'Driscoll was particularly impressed with the results, especially with how expensive it is to run a Formula 1 team in the current climate.

"Our 2016 financial results represent continued improvement, with strong revenue growth across both Formula 1 and Advanced Engineering," O'Driscoll said.

"Following a complete restructuring of our business over the previous two years, both operationally and financially, we made further gains in 2016.

"Our Formula 1 division continued to operate profitably, despite enormous levels of competitive spending in what is arguably sport's toughest financial environment."

O'Driscoll did note, however, the 2016 financial results included their consecutive third-place finishes in the Constructors' Championship, and not their slide down to fifth last year.

"Our Formula 1 team achieved fifth place in the Constructors' Championship in 2016, following successive third place finishes the previous two years," he commented.

"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."