Williams Formula 1 team reports increased profits
|By Jonathan Noble||Friday, March 9th 2012, 09:54 GMT|
Williams may have endured its worst ever season in Formula 1 last year, but the company has reported an increase in profits.
The Grove-based outfit announced on Friday its Group results for the year ended December 31, 2011 - and it reported a lift in both turnover and profits.
Turnover of its F1 related activities has increased from £90.8 to £102.3 million, with the figure for the whole Group going from £91 million in 2010 to £104.5 million last year.
Net profit for the group increased by 30 percent from £6 million in 2010, to £7.8 million last year.
Williams chairman Adam Parr said: "The Group has enjoyed a strong performance over the last 12 months, in spite of continuing difficulties in the global economy. Our 2011 Annual Report shows strong results and our current cash position is excellent. At 29th February 2012, the Group held net cash of £29.2 million. We can therefore look ahead with confidence."