Silverstone managing director Richard Phillips has confirmed the Northamptonshire-based circuit, which is the home of the British Grand Prix, made a profit in excess of ?2 million in 2010.

Speaking to Reuters, he added he was optimistic that turnover would continue to increase in 2011 too, with the new pit and paddock development - the 'Silverstone Wing' - set to be opened in May, well in advance of the F1 event on July 10.

"Turnover in 2010 was around the ?47-48 million mark. This year we are targeting just over 52," he confirmed. "It's a good healthy increase. We've been growing really about 14 percent a year over the last four years. If you go back to 2007, we were around mid-30 millions in turnover.

"I think we are probably the only privately-funded grand prix circuit that does make a profit in the world but the UK is quite peculiar because there is a huge motorsport following, there's a lot of industry here.

"We seem to be doing better than the Germans and French and Italians," he summed-up.