Williams record staggering loss but no alarm bells ringing

Williams posted a staggering loss of £84 million in 2023 but the F1 team is adamant there is no cause for alarm.

The accounts for Williams Grand Prix Engineering Ltd show a drop in revenue from almost £143 million in 2022, to nearly £127 million last year.

Operating expenses soared from £135 million to £161 million, whilst wages and salaries rose by almost £8 million, helping to account for a total comprehensive loss for the year of £84.246 million compared to £17.894 million in 2022.

Williams insists the losses now are a short-term hit as it builds for the future.

Part of its financial statement read: "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 (2021: 8th)."

In 2023, Williams added to its suite of partners with major names such as Gulf Oil, Stephens and Michelob ULTRa, claiming that it "continues to lead the grid with an innovative and creative offering to partners and fans alike".

The fact the team finished seventh in last season's constructors' championship, increasing its commercial rights income, will be reflected in this year's accounts that will be published late next year.

Williams added that "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."