F1: Williams posts substantial losses

Williams has reported that its Formula 1 team lost £42.5 million ($64.3m) last year, as its entire group lost £34.3 million ($51.9m).

Although the team enjoyed its best season for years in 2014, finishing third in the constructors' championship, increased costs in F1 and its poor results from '13 meant its financial performance suffered. However, with increased sponsorship income following that successful 2014 campaign, plus more commercial rights revenue, the team remains upbeat about the future.

"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," noted Mike O'Driscoll, Williams group chief executive officer. "Midway through 2013 we set out on an ambitious turnaround strategy to reinvigorate the Formula 1 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."

Williams was adamant last year that it needed to invest heavily in its F1 operation if it was to improve on track - even though that would likely lead to increased losses for the year. While the Williams F1 team lost money in 2014, its advanced engineering business and its now-sold hybrid arm both made a profit.

Originally on Autosport.com