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Business News

Formula One's Williams group hits the skids

The company behind the Formula One team Williams slumped to a £5m loss in 2012, after an accounting change deprived it of a slice of revenue from its involvement in the motor sport.

The loss compares with a profit of £7.4m the year before and is a further disappointment for the former world champion team, which is yet to score any points this season, including the Bahrain Grand Prix with drivers Pastor Maldonado and Valtteri Bottas, pictured, finishing 16th and 17th respectively.

Williams Grand Prix said "accounting technicalities" forced it to omit a chunk of Formula One income from its results.