The company behind Formula One team Williams slumped to a £5 million loss in 2012, it admitted today, after an accounting change deprived it of a slice of revenue from its involvement in the motor sport.
The loss compares with a profit of £7.4 million the year before and is a further disappointment for the former world champion team.
It is yet to score any points in Formula One this season. Williams Grand Prix said the loss was down to accounting technicalities which forced it to omit a chunk of Formula One income from its results.
The highlight on the track for Williams last season was a victory in the Spanish Grand Prix for Venezuelan driver Pastor Maldonado. The team finished 8th out of 12 in the constructors’ championship.
Williams is using its expertise in the sport to expand into other engineering and transport projects.
Its turnover rose 22% to £127 million.
