Williams Grand Prix Holdings PLC announced its financial results for last year, ending December 31, 2014. That’s the holding company for all Williams companies, including Williams Grand Prix Engineering Limited.
Given the team’s struggles in 2013 and with financial payout awarded the following year for the previous year’s performance, 2014 was always going to be a difficult year financially for the company.
The holding company announced a loss of 34.3m Euros, which was higher than its 11.9m Euro loss in 2013.
But that’s due to two factors. The new specification of cars that were produced last year contributed to higher costs, and there wasn’t as much additional revenue that came in.
Williams improved to finishing third in last year’s Constructor’s Championship and should have a substantial financial increase when its 2015 results are reported next year. Williams ranks third again this season through four Grands Prix, and trails only its manufacturer partner Mercedes and Ferrari.
“The decision to invest in the team has been more than validated, with a third place finish in the 2014 Constructors’ Championship, up from ninth in 2013,” group CEO Mike O’Driscoll said in a company release.
“Midway through 2013 we set out on an ambitious turnaround strategy to reinvigorate the Formula One team, create a strong and profitable Advanced Engineering business, and divest non-core activities.
“In 2014 we made very good progress against those objectives, investing significantly in people, facilities, and technology which we believe will provide a solid foundation for the future.”
More information on the financial results is listed here, via Williams’ official website.