Williams team reports earnings rise

Motor-racing company, remains in good shape financially with a strong increase in turnover and net profit despite the team’s worst season on the track in Formula One.

Chairman Adam Parr said the former champions are financially stable and hoping to perform better in races as well, even without a title sponsor after the departure of American telecommunications giant AT&T last year.

The group’s net profit increased 30 per cent to £7.8m while Williams Grand Prix Holdings also reported a 14.8 per cent increase in turnover to £104.5m. According to Parr, Williams held net cash of £29.2m as of 29 February.

New business developments in Williams Hybrid Power, Williams Advanced Engineering, and the Williams Technology Centre in Qatar were all “delivering promising results.”

“It’s a very healthy set of results under the circumstances, meaning the general economic climate and given that aspects of our performance were not satisfactory,” Parr said.

"I am very satisfied with what we have done overall with the business.”