WILLIAMS’S chief executive officer has described last year’s financial result as a “hangover” from the company’s poor performance the previous year.

But Mike O’Driscoll said yesterday the firm was confident of a stronger financial performance in 2015.

Grove-based Williams Grand Prix Holdings, which is listed on the Frankfurt Stock Exchange, recorded an earnings before interest and tax loss totalling £34.3m in the year to December 31, 2014, compared to a loss of £11.9m in 2013, the company announced yesterday.

Turnover dropped 31 per cent year-onyear to £90.2m in 2014. About half of the revenue decline was due to a one-off sponsorship worth about £20m that was booked in the previous year and not continued, as well as lower commercial rights and partnership income.

Mr O’Driscoll said: “We will see this year substantially improved income from commercial rights revenue and sponsorship.”

Williams has seven new sponsorship partners. The company also faced higher operating expenses in 2014 as it reinvested in F1 racing.