Performance in 2017 was one of progress at the core accompanied by a sharp reduction in net debt, aided by significant property sales proceeds. Progress is apparent in Williams Advanced Engineering (WAE) but the Formula One (F1) racing team remains the heart of the business. Performance on the track is a key determinant of group financial returns, but the changes to produce a more equal distribution of commercial rights are only likely in the medium term. Until then, progress will probably remain volatile, especially as competition on the track has intensified.

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