Williams has announced an increase in profits for the for the financial year ending December 31 2011, despite the on-track struggles endured by the team last year.

Williams Grand Prix Holdings, the parent company for the Williams F1 team as well as Williams Hybrid Power Limited, has seen profits rise by 30 per cent from ?6.0 million to ?7.8 million, while turnover is up 12.7 per cent to ?104.5 million.

In terms of the core business, which includes its F1 related activities, turnover increased to ?102.3 million while profits rose to ?9.6 million.

"The Group has enjoyed a strong performance over the last twelve months, in spite of continuing difficulties in the global economy," chairman Adam Parr said. "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."

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