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Accounting change sends Williams holding company into the red
29 April, 2013 The company behind British-based Formula One team Williams slumped to a 5 million pound ($7.8 million) pretax loss in 2012, after an accounting change deprived it of a slice of revenue from its involvement in the motor sport.
The loss, which compares with a pretax profit of 7.4 million pounds the year before, is a further disappointment for the former world champion team, which is yet to score any points in Formula One this season.
However, Williams Grand Prix Holdings Plc said the loss was down to accounting technicalities which forced it to omit a chunk of Formula One income from its results. It said its business was on a sound footing.
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