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Williams posts a loss for 2012

Apr 29, 2013, 12:04 PM EDT

Australian F1 Grand Prix - Practice Getty Images

Williams posted a $7.8m loss last year despite scoring its first F1 victory since 2004. The Formula One team reported its annual results for 2012 on Monday.

Chief executive officer Alex Burns noted that $14.59m in income from Formula One “has not been included in these results because of the technical interpretation of today’s accounting standards”.

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.”

“The win at the 2012 Spanish Grand Prix was a particular highlight and we continue to develop strong sponsorship partnerships and engineering relationships. At the end of the year the Williams F1 Team finished eighth in the FIA Formula One World Constructors’ Championship.”

“There is still a way to go for the team to get to where we should be, but improvements on previous seasons are evident.”

It’s been a period of mixed fortunes for Williams. Their win in Spain came after the surprise resignation of chairman Adam Parr. Over the remainder of the season they generally failed to deliver on the potential of the FW34.

The team has also lost chief operations engineer Mark Gillan since then and executive director Toto Wolff, who moved to Mercedes.

The loss of Sir Frank’s wife Virginia to cancer came on the eve of the new season. The team is yet to score a point in four races this year, but has a major upgrade planned for the next race at the scene of its 2012 triumph.

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