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Williams reveals increase in profits

Williams released its annual results on Tuesday © Sutton Images

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Williams Grand Prix Holding's profits increased by 28% to £5.8 million in the year ended December 31 2010, its latest annual results have revealed.

Turnover fell from £108.3 million in 2009 to £91 million in 2010, but the reduction in the costs of competing in F1 - mainly thanks to the Resource Restriction Agreement - means it has not impacted on profits. The company has also dramatically reduced its debt to £2.4 million from £9.3 million in 2009 and £24.8 million in 2007. The results are the first published by the company since it floated 24% of its shares on the Frankfurt Stock Exchange earlier this year.

"We are pleased to report a solid set of results for our shareholders," chairman Adam Parr said. "We enter 2011 in a stronger financial position with a strategy to take the business forward again over the coming years. Our March IPO and listing on the Frankfurt Stock Exchange demonstrates investor confidence in Williams, and secures the team's long-term future by providing a sustainable ownership structure."

Founder and team principal Sir Frank Williams said the 2010 results were positive and an indiction of things to come despite a loss of major sponsors over the winter, including Royal Bank of Scotland which is believed to have been worth £13 million alone. In its place Williams has brought in Venezuela's state-owned oil company PDVSA through a deal linked to driver Pastor Maldonado.

"Commercially, 2010 has given Williams a solid foundation from which to grow," Williams said. "Amidst one of the harshest sponsorship environments for a long time, we signed Petroleos de Venezuela S.A. (PDVSA) and upgraded and extended existing partners, Randstad and Oris."

Outside of F1, Williams invested £1.9 million in its research and development arms Williams Hybrid Power (WHP) and Williams Technology Centre Qatar (WTCQ) in 2010. It also recently announced a new joint venture with Jaguar to produce a $1 million hybrid supercar.

"A core element of the strategy set out to investors in March was a partnership with a leading car manufacturer," Parr said. "Our new association with Jaguar Land Rover, announced this month, demonstrates the strategy is on track."

Williams added: "This year has seen us build on that with our joint venture with Jaguar Land Rover and we are looking forward to further developments with our new businesses, WHP and WTCQ."

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