The Williams F1 Team has posted a larger profit for the opening six months of the year compared to the same period during 2016.
The overall Williams Grand Prix Holdings Group, which includes the F1 team and other business operations, had revenues of £85.9 million between January and June, an increase of £5.9m compared to 2016, whilst EBITDA (earnings before interest, tax, depreciation and amortisation) grew by £2.6m to £10.4m.
The F1 business generated improved revenues of £65.5m (£51.3m in 2016), with an EBITDA of £10.1m – up from £4.1m in 2016.
Group chief executive Mike O'Driscoll put this increase down to "non-recurring one off items" as well as income from "project work".
"These results demonstrate our financial stability as a group, and represent a solid platform from which we can continue to develop our Formula One and advanced engineering operations," he said.
"The Formula One business generated both increased revenues and profit versus the first half of 2016, largely driven by non-recurring one off items and the revenues associated with project work within that period.
"We are delighted to be celebrating our 40th year in Formula One during 2017, and we are confident that with recent additions to the team, coupled with investment in facilities we will accelerate our progress in the years ahead.
"We continue to face the cost pressures associated with our determination to enhance our Formula One performance and in growing Williams Advanced Engineering, however, we remain confident in our ability to meet these demands. Wider economic pressures and the evolving Formula One landscape will continue to impact our near-term results."
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