The Williams Formula One team have released their financial results for the first half of 2019, posting a loss of more than UK£16 million (US$20 million).
The UK-based motorsport outfit generated revenue of UK£46.3 million (US$57.2 million) in the six months up to 30th June, compared to UK£60.7 million (US$75 million) for the same period in 2018.
This led to an earnings before interest, tax, depreciation and amortisation (Ebitda) loss of UK£16.8 million (US$20.8 million), a marked contrast to the UK£0.2 million (US$0.25 million) profit the year before.
The disappointing Formula One figures were offset in part by the performance of sister company Williams Advanced Engineering, which saw its revenue increase from UK£21.5 million (US$26.6 million) to UK£30.9 million (US$ 38.2 million).
Overall, combined revenue for parent company Williams Grand Prix Holdings fell from UK£82.6 million (US$102.1 million) to UK£77.8 million (US$96.1 million). The overall Ebitda loss increased from UK£2.7 million (US$3.3 million) to UK£18.8 million (US$23.2 million).
The figures come after a disappointing 2018 Formula One season for Williams, which saw them fall from fifth to bottom of the constructors’ championship. The team also lost significant income after the departures of drivers Sergey Sirotkin and Lance Stroll, along with long-term title sponsor Martini which was paying a reported US$15 million per year.
Williams did receive a boost after replacement title sponsor Rokit extended its partnership through to 2023, having originally penned a deal with the team earlier this year reported to be worth US$20 million.
Williams’ parent company is also exploring the possibility of selling its engineering arm, which could raise of tens of millions of dollars for the underperforming racing team, according to Sky News.
Mike O’Driscoll, Williams’ group chief executive, said: “The F1 financial results primarily reflect our finishing position in last year’s constructors’ championship and the consequent reduction in prize money.
“Although we are enduring another tough season on track, we have seen some recent signs of improvement, and we continue to attract interest from potential partners as one of the longest standing Formula One teams.
“Although we continue to face challenges in a very dynamic environment, we currently believe the majority of the impact on Ebitda for the full year has already been captured in these interim results.
“We continue to believe we are well placed to respond to the challenges ahead, with world class facilities and a strong and talented organisation.”
Williams return to the track for the Singapore Grand Prix on 22nd September. They currently sit bottom of this year’s constructors’ standings with only one point.