#formulaone #automotive An Oxfordshire Formula One racing team is preparing for further expansion, despite announcing losses. Williams Grand Prix Holdings, based in Grove, unveiled a pre-tax loss of £5 million for 2012, down from a pre-tax profit of £7.4 million in 2011.
However, company spokesman James Francis said that building work will still go ahead on a new R&D unit, after planning permission was granted by the District Council. Mr Francis added that — for technical reasons — the financial report did not include £9.4 million received from F1 Management. “If that figure had been included, we would have turned a loss into a profit. It would have been a smaller profit than before, but a lot of investment has happened.”
The new R&D site will house 150 advanced-engineering workers who are involved in developing the commercial potential of F1 technology. It is due to be completed in November. Mr Francis said the centre will be involved in continuing research into hybrid power using batteries, as well as other technology, such as road safety simulators. Founder and 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. There is still a way to go for the team to get to where we should be, but improvements on previous seasons are evident.”