Williams records 5 million loss in 2012

The Williams Group recorded a £5 million loss in 2012, its latest financial report shows, though it blamed an accounting technicality meant some of its Formula One revenues weren't included.

Ths loss follows a £7.4 million profit the previous year.

However turnover increased by 22 per cent from £104.5 million to £127 million, whilst an additional £9.4 million hadn't been included "because of the technical interpretation of today's accounting standards," read a statement.

The team are yet to score a point in 2013 following a successful season in 2012 which saw them take a victory - their first since 1996.

Team co-owner and principal Sir Frank Williams alluded to the difficulties they face this season and says progress must be made.

"2012 saw Williams make encouraging progress on and off the track and we are determined to continue that upward trend in 2013.

"The win at the 2012 Spanish Grand Prix was a particular highlight and we continue to develop strong sponsorship partnerships and engineering relationships.

"At the end of the year the Williams F1 Team finished 8th in the FIA Formula One World Constructors’ Championship. There is still a way to go for the team to get to where we should be, but improvements on previous seasons are evident."