Williams posts £34.3 million loss

Williams Grand Prix Holdings has reported a sizeable loss of £34.3m for 2014, although the company is adamant that its financial results will improve this year.

Williams began a major restructuring process in 2013 in a bid to improve the performance of its Formula 1 team and establish a profitable engineering business.

Revenues dropped from £130.4m to £90.2m for 2014, driven by the aforementioned operation, the increased costs of competing and its ninth-place finish in 2013.

However, the results do not reflect Williams' recent on track revival, which saw it jump to third last season, with commercial rights revenue earned a year in arrears.

The team thus remains confident of a strong financial 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," said Group Chief Executive Officer Mike O'Driscoll.

"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."

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