British Formula One team Williams insisted Monday they were still “on track” despite announcing a £42.5 million ($64.7 million, 59.4 million euros) loss for 2014.

Team chiefs blamed the deficit on the ongoing “hangover” from some poor results, notably in 2013 when Williams finished ninth in the Constructors’ Championship — their worst placing in history.

This led to reduced prize money and sponsorship after Williams — who improved to third last year — made a £11.9 million profit in 2013. 

“While 2014 at first glance was disappointing, it really was what we anticipated. We’re on track,” chief executive Mike O’Driscoll told the BBC.

“What we are reporting today is essentially a hangover. We expect 2015 to be materially, significantly, better than 2014.”

Williams, for whom 2014 was their best season in a decade, are currently third after four races this year.

Founded by Frank Williams, whose daughter Claire is now deputy team principal, the team made its Grand Prix debut in 1978 and has since won nine constructors’ titles and seven drivers’ championships.

Its last overall success in both Formula Onechampionships came in the 1997 season when Canada’s Jacques Villeneuve took the drivers’ title. – Agence France-Presse

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