Williams post financial loss

Despite recording a considerable financial loss of £34.3m, Williams are adamant this year will be better.

Last year the Grove based company saw revenues fall from £130.4m to £90.2m, a big difference to the previous year in which the group made a profit of £11.9m.

However, 2013's results were boosted by a massive payment from PDVSA on behalf of departing driver Pastor Maldonado.

And although 2014's results were considerable, Williams said in a press release that it was "anticipated" as the group "embarked on a turnaround strategy to reinvigorate the performance of the Formula 1 team and put in place the foundations for a profitable engineering business.

Mike O'Driscoll, Williams Group chief executive officer, added: "Mid-way through 2013 we set out on an ambitious turnaround strategy to reinvigorate the Formula One team, create a strong and profitable Advanced Engineering business, and divest non-core activities.

"The financial performance of the Group in 2014 reflected the poor on-track results of the prior three years, which resulted in a marked deterioration in commercial rights and sponsorship income.

"Our much improved performance in the 2014 Championship will be seen in higher commercial rights and sponsorship income in 2015, coupled with improved performance from our Advanced Engineering division."

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