Williams F1 into the red due to accounting change

The company behind British-based Formula One team Williams yesterday insisted it was still on track with plans to cash in on its technical prowess despite slumping to a £5 million pre-tax loss last year.

Williams F1 driver Susie Wolff of Great Britain. Picture: Getty

An accounting change meant the group – which features F1’s only female driver Susie Wolff, pictured, as test driver – could not include its £9.4m share of F1 commercial revenues in its 2012 accounts, as the payment is dependent on Williams continuing to take part in the sport until at least 2015.

The company, which posted a profit of £7.4m the year before, has also been investing heavily in two business aimed at finding new uses for its technology, which also added to the losses.

Founder and F1 team principal Sir Frank Williams said: “2012 saw Williams make encouraging progress on and off the track and we are determined to continue that upward trend in 2013.”

Williams’ update comes as F1 itself is reported to be preparing its long awaited flotation, with an initial public offering in Singapore valuing it at £6.5 billion later this year.