Williams F1 Increases Revenue In First Half Of Year, Boosted By New Commercial Agreement
The Williams Grand Prix Holdings, which owns the Williams F1 Team, increased its revenue by 57% to £74.3M ($119M) after its mid-year results were released Monday, according to Falko Schoklitsch of MOTORSPORT MAGAZIN. The company's profit increased over the same time period from £1.9M to £6.6M ($10.6M). Williams said that these positive numbers "are the result of its diversification strategy," which uses the intellectual property of its F1 team and applies it in other business areas. In addition, Williams recently received a huge payment after signing a new commercial agreement, which guarantees the team's continuance in F1. Williams F1 Team Principal Frank Williams said, "We have made good progress on the race track this year, in part due to our new engineering team. As a result we celebrated our first victory in eight years. Our diversification strategy is also gaining momentum, positioning us as a leader in the development of cutting edge technology in the areas such as sustainability and safety" (MOTORSPORT MAGAZIN, 9/10). REUTERS' Keith Weir reported that Williams, one of 12 teams on the F1 grid, "listed on the stock market in Germany last year." All of the leading teams except Mercedes "have signed a new deal to remain in the sport until '20 in return for a greater share of revenues." Financial details of the agreement are not disclosed, but Williams said that a "one-off payment had helped to boost its results" (REUTERS, 9/10).