Williams Grand Prix Holdings PLC (WGPH) has announced its financial results for 2013, with income increased by 25%.

The company's income grew from ?105.8m in 2012 to ?132.4m in 2013, thanks largely to what WGPH describes as "a special non-recurring sponsorship payment, which drove an increase in Formula One income to ?108.5m (2012: ?86.4m)". It is likely that it relates to the departure of Pastor Maldonado and his backer PDVSA before the end of Williams' sponsorship deal with the Venezuelan oil company.

Williams was also able to boast an overall profit of ?12.0m before interest and tax, up ?6.9m compared to 2012. The figures do not take in to account the sale of the Williams Hybrid Power and Williams Technology Centre in Qatar in early 2014.

Related Articles

Team principal Sir Frank Williams said the results were very positive for the company despite a poor F1 season for the race team last year.

"Although 2013 was a difficult season for the team on the race track, we report these full year results at a time of much optimism for the Williams Group," Williams said. "We have started the 2014 Formula One season well and hope we can continue to improve our performance.

"We made good progress commercially through the winter months and Williams continues to attract an enthusiastic and very loyal group of partners and fans. These annual results demonstrate that we continue to manage our business in a fiscally responsible way and provide the foundation from which we can continue to grow."