Williams has recorded a financial loss of £84 million after the 2023 Formula 1 World Championship, in which the team finished seventh in the Constructors’ standings.
The Wantage-based squad ended the year on 28 points, with 27 scored by Alex Albon and one by Logan Sargeant.
The company accounts of Williams Grand Prix Engineering reveal a loss of £84.2 million for the financial year of 2023, up from £17.9 million in 2022.
Revenue fell from £142.8 million to £127 million, with the team saying in a statement: “Whilst losses have increased compared with 2022, this is in line with expectations and the company’s strategy to continue investing in all areas of the business to drive both on-track and commercial performance in pursuit of success in the medium and long-term.
“Revenue was lower in 2023 as a result of lower commercial rights revenue associated with finishing 10th in the 2022 constructors’ championship.
“The strong improvement in on-track performance in 2023 is the result of ongoing investment in infrastructure, transformation and people since 2020.
“The long-term objective of the team remains to return to the front of the grid through continued investment to develop world-leading technology and people.”
The team, owned by Dorilton Capital after purchasing it from the Williams family in 2020, said its assets of £67.3 million proves “a sound financial base on which to continue the team’s long term strategy of returning to the front of the grid and being financially sustainable.”
Williams are currently eighth in the championship with 16 points, with Albon leading the line for the team alongside Franco Colapinto, who replaced Sargeant after the Dutch Grand Prix.
