Williams share prices has plummeted amid the famous British team's worst ever start to a new Formula One season.
Williams became the first publically traded F1 company at the start of the season when it started public IPO at Frankfurt exchange.
The price is now 27 percent lower all driven by disastrous on-track performance which has seen the Oxfordshire-based company make its worst start to a F1 campaign in its 33-year history.
Williams has no points after three races and out of 12 teams it lies 10th in the standings. The best result scored by its two drivers this year has been 13th place in the Chinese Grand Prix on 17 April . Its shares fell 3.4% when they opened for trading the day after the race and over the past month they have lost 13.9% of their value. The shares closed at €17.69 before the Easter break, down from their offer price of €24.21.
The big loser is Dutch investor Cyrte, who bought 5 percent of Williams. It's share is now worth EUR3.3 million less.
Williams itself has not suffered from the declining share price. The team did not issue any new shares in the float and instead the majority of the offering came from its engineering director Patrick Head who will be retiring this year.Williams itself has not suffered from the declining share price. The team did not issue any new shares in the float and instead the majority of the offering came from its engineering director Patrick Head who will be retiring this year.
Williams is the second most successful team in F1 history with nine championships to its name. However, it last won a race in 2004 and since then has lost sponsors such as Royal Bank of Scotland and the Air Asia airline. Over the past five years Williams has made total net losses of £31.5m and in the 10 months to the end of October 2010 its after-tax profit reversed 41% to £3.9m on revenue of £74.2m.
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