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Williams announces half-year profits

ESPN Staff
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Sir Frank Williams says the team "is at a very exciting stage in its history" © Sutton Images
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Williams has announced that turnover of its Formula One-related operations is up by 57% while its profits increased to £8.5m in its half-year results.

The results announced by Williams Grand Prix Holdings up until 30 June 2012 are for the whole of the group including Williams Hybrid Power, but the focus is on the results of the Formula One side of things. 'The core business, which combines the traditional Formula One business and diversification using our Formula One derived intellectual property and know-how, has seen turnover increase by 57% to £73.0m (2011: £46.4m). This has driven an overall Group turnover of £74.3m (2011: £47.3m).'

Profits increased from £2.9m in 2011 to £8.5m this year, and the figures have been boosted by a one off payment that was received as a result of the new Concorde Agreement.

Team principal Sir Frank Williams was encouraged by the combination of the results allied to improved competitiveness on the track.

"Williams is at a very exciting stage in its history and these promising results are indicative of this," he said. "We have made good progress on track this year, thanks in part to a new technical team, which has seen us pick up our first win in eight years. Our diversification strategy is also gaining momentum, positioning us as a leader in the development of cutting edge technology in areas such as sustainability and safety."

© ESPN Sports Media Ltd.
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