Two Oxfordshire-based Formula 1 teams have announced losses totalling £64.4million.
Grove-based Williams and Enstone-based Alpine announced after-tax losses of £49.8million and £14.6million for 2024, respectively.
Meanwhile Banbury-based Haas F1 team, the newest team currently on the grid having joined the sport in 2016, posted a £6.493million profit.
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Annual accounts have recently been published for all three Oxfordshire-based teams, which collectively employ more than 2,000 people, many from the county.
Williams, who finished ninth in the constructors league last year with 17 points, said that while the business posted a loss, it “is in line with expectations”.
Haas, based in Banbury(Image: Google maps)
“The group’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,” Williams said.
“Revenue increased in 2024 as a result of higher commercial rights revenue associated with finishing seventh in the 2023 Constructors’ Championship (2022: 10th) and increased sponsorship revenue as the team adds to its stable of high quality commercial partners.”
As reported, Williams is currently in the middle of getting planning permission for a major expansion to its Grove headquarters, near Wantage.
Earlier this year, Williams put forward plans for a new factory, technology and testing facilities, new office accommodation and new staff facilities.
Williams added: “In order to meet any shortfall the directors will seek additional shareholder support from the company’s owners who have indicated they will continue to be supportive.
Williams team principal James Vowles (David Davies/PA)(Image: )
“By placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although at the date of approval of these financial statements, they have no reason to believe that it will not do so.”
Alpine in 2024 finished higher than any of the three Oxfordshire teams in the F1 team standings at sixth with 65 points.
Turnover for the year, comprising mainly of sponsorship income and prize money, was £238.5 million, up around £11million year-on-year.
But the after-tax loss for 2024 was £14.6 million. The year prior it had posted a £7.8 million profit.
“The weakened on-track performance in 2023 versus 2022 negatively impacted prize money by 12.9 per cent,” Alpine said.
“Sponsorship and merchandising revenues remained broadly consistent.
“While the company has maintained a disciplined approach to cost control, continued inflationary pressures alongside organisational restructure costs, changes in government research and development credits and additional development expenditure ahead of future regulation changes, have led to a rise in operating costs of 7.9 per cent.”
Haas said: “The company continues to strengthen its capabilities as a competitive race team through targeted investment across several key areas.
“The most notable development has been the expansion of the workforce, which commenced in 2024 and is ongoing into 2025.
“This strategic growth in personnel is expected to enhance overall performance levels.”