Adam Parr’s departure was profitable for Williams

F1 business good for Williams after Ecclestone payment

By: Adam Cooper via Autoweek. SPEED TV on September 11, 2012

Williams Grand Prix Holdings has announced an improved financial performance for the first six months of 2012.
Pastor maldonado antes de chocar en los prĂ³ceres Image by anyulled via Flickr
The company says turnover on its core Formula One business has increased by 57 percent to $117 million, while net profits are up from $13.6 million.

Williams is one of 12 F1 teams, and is listed on the German stock exchange.

The team makes no secret of the fact that its performance has been boosted by a “sweetener”payment from F1 boss Bernie Ecclestone related to the new Concorde Agreement.

It said in a statement: “The notable increases in half-year turnover and profit are largely due to our diversification strategy,as well as the recent receipt of a one-off payment following a new commercial agreement for our continued commitment to Formula One.”

Sir Frank Williams said: “Williams is at a very exciting stage in its history, and these promising results are indicative of this. We have made good progress on track this year, thanks in part to a new technical team, which has seen us pick up our first win in eight years. Our diversification strategy is also gaining momentum, positioning us as a leader in the development of cutting edge technology in areas such as sustainability and safety.”

CEO Alex Burns emphasized the company’s diversification strategy: “These results also validate our long-term business plan of adapting technology and know-how developed in Formula One for commercial application in energy efficiency, safety and education. Our core business is now generating strong revenue figures from projects outside of Grand Prix racing.

“For example, our partnership with Jaguar, to develop the ground breaking C-X75 hybrid supercar, is making good progress, and other Formula One teams are also using our technology, including a new deal with Marussia that will see them use our KERS technology next year.”

On the track, Williams driver Pastor Maldonado of Venezuela won the Spanish Grand Prix in May to give the team its lone win of 2012. Maldonado is 15th place in the driver standings, one spot ahead of teammate Bruno Senna.

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Pastor Maldonado masters 2012 Pirelli tyres


Pastor Maldonado believes that he has a better understanding of Pirelli's 2012 Formula 1 tyres than he did with last year's rubber. 
Post race pit lane Image by MatHampson via Flickr

This season's tyres have been the subject of much discussion, as teams battle to get them to work. That has resulted in fluctuating form throughout the field.

But Maldonado, who won the Spanish Grand Prix for Williams and was fighting for a podium finish in Valencia before colliding with Lewis Hamilton, is happy that he knows what to do to get the 2012-spec compounds working.

“I think I understand the tyres very well,” said Maldonado. “Much better than last year. Even if they changed for this year, I have a great feeling.

“I know exactly what to do to look after the tyres, how to manage the race to get a longer life from them. I am always trying to improve, but I think the combination between me, the car, and the tyres is good at the moment.”

Maldonado explained that he has worked hard to get an understanding of the Pirellis because of how close the competition is in F1 this year.

“These tyres are working with a small window of temperature,” he added. “As soon as you are slightly out of that range, you are nowhere.

“It is very difficult to put a lap together, and the gaps are so small. As soon as you lose two tenths, it is difficult even to get into the top 10.

“We have been working so hard to try to understand the tyres, to help them, and to get the car working in different conditions and different set-ups.”