Caterham F1 technical director Mark Smith has admitted that the team has a lot of work to do if it is to achieve its goals for F1 2012.

Caterham set its sights high at the start of the year with team boss and owner Tony Fernandes revealing the goal was score a point and 'become a danger to many of the midfield teams'.

While the team is still some way off that and Heikki Kovalainen and Vitaly Petrov could do no better than 17th and 19th respectively in Hungary last weekend, Smith believes they have what it takes to continue to close up on the midfield.

"We have reached the end of the first half of the season and the race in Hungary is a fair indication of where we are," Smith said. "Both drivers performed as well as we could have wanted and they ran faultlessly. The pitstops and the strategy were both good and the efforts everyone has made, here on track and back at the factory, cannot be questioned.

"However, we are not where we want to be and we know we have work to do to achieve the goals we have set for this season.

"The positives are that we have a break ahead of us, giving us time to take stock and recharge the batteries, and we then have the second half of the season to reach the level of performance we want for the 2012 season.

"We have the infrastructure in place, we have the right people and with the move to Leafield we have the facility so everything is in place."

Caterham CEO Riad Asmat meanwhile concurs with that assessment and he is looking to see the outfit keep on 'taking measured steps forward' after the F1 summer break.

"I am reasonably pleased with how we have ended the first half of the season. Both drivers, the team in the garage and on the pitwall did well at the Hungaroring," he added.

"I will take some positives out of the first half of the season, but the team now needs to use the break to recharge and then come back fighting.

"We understand that we have much more work to do in order to progress as quickly as we would like, and I believe we will return after the break feeling energised and with our entire focus on continuing to grow the team and to keep on taking measured steps forwards."