Williams Group Holdings (WGPH), which is the holding company of the Williams group of companies, which includes Williams Grand Prix Engineering Limited, today announced its financial results for the year ended 31 December 2016.

Following two years of finishing fourth in the constructors' standings, 2016 saw the Grove outfit slip to fifth behind Force India.

Post-season, following the shock retirement of Nico Rosberg, Williams driver Valtteri Bottas headed to Mercedes, necessitating the recall of Felipe Massa who had retired at the end of the season.

Despite only one podium appearance - Bottas finishing third in Canada - group revenue increased from £125.6m in 2015 to £167.4m last year. EBITDA improved from a loss of £3.3m in 2015 to a profit of £15.5m in 2016. The performance gains reflected the continued strength of our Formula One operation, and significant growth in Williams Advanced Engineering.

The Formula One business generated revenues of £116.7m (2015: £101.5m), with an EBITDA of £12.4m (2015: £0.2m), while Williams Advanced Engineering generated revenues of £36.9m (2015: £21.3m) with an EBITDA of £4.2m (2015: £2.1m).

"Our 2016 financial results represent continued improvement," said Mike O'Driscoll, Group Chief Executive Officer, "with strong revenue growth across both Formula One and Advanced Engineering.

"Following a complete restructuring of our business over the previous two years, both operationally and financially, we made further gains in 2016. Our Formula One division continued to operate profitably, despite enormous levels of competitive spending in what is arguably sport's toughest financial environment. Williams Advanced Engineering, although still a developing business, continues to make excellent progress.

"Our Formula One team achieved fifth place in the Constructors' Championship in 2016, following successive third place finishes the previous two years. Commercial rights income is paid a year in arrears, and these accounts reflect our third place in the 2015 Constructors' Championship. We have recently made significant new appointments to our technical team, in our push to improve on-track performance and drive Williams Martini Racing to the front of the grid. Our team continues to attract support from some of the world's leading companies and brands, and we are very optimistic about the overall potential for the sport, under Liberty Media's stewardship.

"Williams Advanced Engineering made significant progress in 2016, and has continued to build and strengthen its customer base. Its project portfolio has expanded significantly over the past twelve months, which is reflected in the 74% growth in revenue over the prior year. Our expertise in battery and EV technology, coupled with our capabilities in lightweight materials, aerodynamics and systems integration offers substantial opportunities in the years ahead. We believe that Williams Advanced Engineering has a solid platform for continued expansion.

"These financial results demonstrate that we are continuing to build a stronger and more capable organisation, and a solid foundation for future sporting and commercial success."