Williams losses spiralled 344% to UK£80.3m in 2023

Formula One team Williams have confirmed their financial results for the year ended 31st December 2023, including a loss of UK£80.3 million (US$104.3 million).

Confirmed:

• Williams experience huge 344 per cent year-over-year (YoY) increase in losses, rising from UK£17.9 million (US$23.6 million) to UK£84.3 million
• Revenue dropped from UK£142.8 million (US$188 million) to UK£127 million (US$167.2 million)
• Emissions rose marginally from 3,111 tCO2e in 2022 to 3,232 tCO2e in 2023

Context:

Despite their alarming financial performance, Williams have claimed that their results fell in line with expectations, given that the Grove-based outfit has undertaken significant investment in all areas of the business to drive both on-track and commercial growth.

Revenue was also hit by the team finishing bottom of the constructors’ championship in 2022, meaning it received less prize money.

Commercially, the team has started heading in the right direction, with sponsorship deals agreed with the likes of Gulf Oil, Globant, MyProtein, Stephens, Michelob Ultra and Kraken. However, the full impact of those agreements will only be reflected in future financial reports.

The team will hope that the investments it has made will start to bring results as it won’t be able to stomach heavy losses over a prolonged period of time. At the very least, revenue should benefit from a seventh-placed finish in the 2023 standings.

Comment:

‘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,’ the team said in a statement.

‘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.’

Coming next:

Williams return to action at the United States Grand Prix from 18th to 20th October, when they will be hoping to climb the standings from their current position in eighth. 

Go deeper:

• The comeback trail: How Williams’ new commercial strategy is winning over sponsors
• Claire Williams exclusive interview: Why she misses F1, watching Williams from afar, and providing opportunities for women