Williams Grand Prix Holdings, the publically floated parent company of the Williams F1 Team and its Hybrid Technology arm, has announced it has posted a pre-tax loss of £5 million for the 2012 financial year.
The company had made a £7.4 million profit the previous year, but attributed its most recent hit to “the impact of a technical accounting treatment of one of the Group’s key receipts”.
One factor showing in the loss results was the team electing not to include the £9.4 million in television rights money it received from Formula One Management (FOM).
While the team showed much improved form in its 2012 championship season – with the high point the team’s win for Pastor Maldonado at the Spanish Grand Prix – its Formula 1 operation contributed £0.6 million to the overall loss. Despite this, the team’s turnover increased from £104.5 to £127 million.
“2012 saw Williams make encouraging progress on and off the track and we are determined to continue that upward trend in 2013,” team founder Sir Frank Williams said in the company’s annual report.
“The win at the 2012 Spanish Grand Prix was a particular highlight and we continue to develop strong sponsorship partnerships and engineering relationships.”
The team currently sits equal ninth in this year’s Constructors’ Championship standings, being one of three teams – along with Marussia and Caterham – not to have scored a championship points’ finish.