Williams enjoyed £46 million revenue increase in 2022

Williams is the latest F1 team to publish its financial results for 2022, with the British outfit enjoying a revenue boost of £46 million, or approximately $56 million, relative to the previous year.

The team's financial statements lodged with Companies House in the United Kingdom this week reveal that it generated total revenue of £142.8 million in 2022.

That compares with its £96.4 million turnover in 2021, which equates to a healthy 48% increase in revenue for Williams year-over-year.

Last year, Williams finished tenth or last among its peers in F1's Constructors Championship, which meant that it was attributed the smallest share of the sport's pool of prize money in 2022 which totaled over $900 million.

• Read also: Alpine F1 team generated £26.2M profit in 2022

However, Williams - like Ferrari, Mercedes, Red Bull and McLaren – is awarded a 'historic bonus' in recognition of its longstanding loyalty to the F1 world championship.

While the team's gross profit clocked in at £72 million, once operating expenses for the year were factored in, Williams suffered a loss of $17.89 million, or a 50% increase relative to 2021.

"The 2022 Formula One season was a strong year for the sport, with a full calendar of 22 race events, high levels of fan attendance and a return to racing in familiar locations post-pandemic," the company stated.

"The increased number of events combined with the accelerated growth in engagement of the sport in many territories contributed to an increase in the sport’s commercial rights revenue.

"The Company also leveraged the growing marketplace to increase its own fan engagement and to accelerate the development of its brand.

"The Company continued to invest in improving all areas of its operations, both on and off the track within the constraints of the FIA Financial Regulations following their implementation in 2021.

"Whilst the initial car performance was challenging, a clear focus on improving foundational processes and systems translated into promising car development as the season progressed, outperforming the development of the main rivals, with the majority of the team’s Constructors’ championship points earned after the summer shutdown."

Williams Racing was acquired from the team's founding Williams family in 2020 by US private equity firm Dorilton Capital.

Since, the Grove-based outfit has invested heavily in the future, with the team also undergoing significant management changes that saw the arrival from Mercedes at the start of the year of James Vowles, the Brackley squad's former strategist, who took over as Williams' team principal.

Slowly but surely, Vowles is turning things around, with Williams currently sitting P7 in the championship, a performance that should boost its top and bottom lines again in 2023.

Keep up to date with all the F1 news via Facebook and Twitter