Williams Grand Prix Holdings PLC has announced an increase in turnover from £90.8m to £102.3m, and pre-tax earnings of £9.8m, up from £8.2m. This is good news as it means that the team is at least financially stable, although it remains rather dependent on sponsorship from PDVSA, a deal which amounts to a considerable percentage of the total.
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. We have made a number of new technical appointments that will strengthen our performance in Formula One and we are delighted with our new partnerships with Renault in Formula One and Jaguar on the C-X75 hybrid supercar project. Our new business developments across Williams Hybrid Power, Williams Advanced Engineering and the Williams Technology Centre Qatar are delivering promising results.”