Pastor Maldonado payoff boosts Williams Formula 1 team's profits

The Venezuelan driver departed Williams after a difficult 2013 season, leading to the early termination of a five-year deal between the team and Maldonado's chief sponsor - the state-backed oil company PDVSA.

Williams announced its group financial results on Friday, which showed a £22.1million increase in its F1 income compared to 2012.

The PDVSA payment is believed to be in the region of £15million.

The team's advanced engineering offshoot business, which has built batteries for the FIA's new Formula E electric car series, reported a modest £0.1million increase in income over the past year, while Williams sold off its Hybrid Power company, and closed its Qatar Technology Centre for a UK relocation.

Williams founder and team principal Frank Williams said his team had made good progress commercially, despite a disappointing 2013 season on-track, in which the squad scored just five points and finished ninth in the constructors' championship.

"Although 2013 was a difficult season for the team on the track, we report these results at a time of much optimism for the Williams Group," he said.

"We have started the 2014 season well and hope we can continue to improve our performance.

"We made good progress commercially through the winter months and Williams continues to attract an enthusiastic and loyal group of partners and fans."

"These annual results demonstrate that we continue to manage our business in a fiscally responsible way and provide the foundation from which we can continue to grow."

Group CEO Mike O'Driscoll said the signing of key technical personnel such as Pat Symonds, a long-term engine deal with Mercedes, and its title-sponsorship deal with Martini, showed Williams was moving in the right direction.

"We began the process of refocusing and restructuring midway through last year and we are making good progress," he added.

"The Group has invested in a new, state-of-the-art advanced engineering facility at our UK headquarters, which has also enabled us to streamline our operations and close our Qatar facility.

"We are committed to the goal of returning the team to winning ways."