Williams Grand Prix Holdings PLC announced its interim results for the six months up to June 2013 on Monday, and revealed a turnover #57.7 million, with #43.5 million of that coming from the F1 group.
That closely matches the half year turnover for 2012 of #43.4 million, although the turnover from the associated Williams Advanced Engineering division - which is the part of the business that commercialises F1-derived intellectual property and know-how - fell from #20.2 million in 2012 to #11.2 million in 2013. The decline was put down to a reduction in 'pass-through contracting work.'
Sir Frank Williams said that he was pleased with the performance of the business as a whole, even if the F1 team wasn't getting the sort of on-track results that they would like to see.
"Whilst the 2013 F1 season has not brought the sort of results expected of a team with our history and pedigree, these half year financial results show that we are well placed to make progress with our business on all fronts," he said.
"We have made strong personnel changes this year that will aid in returning us to winning ways," he continued. "Of particular note is the arrival of Pat Symonds as Chief Technical Officer, who brings unrivalled technical and leadership skills in addition to a proven ability to deliver on track results.
"We have also announced a long term engine partnership with Mercedes that puts us in a strong position to successfully negotiate next year's regulation changes," he pointed out. "The Williams F1 Team also announced a total of nine new sponsorship acquisitions, renewals and upgrades for 2013, with a strong pipeline of potential sponsors in place for 2014."
However, the turnover can't disguise a widening of the net loss suffered by the F1 division which were stated as ?5.6 million, up from ?4.6m in the first half of 2012.
"During 2013 we commenced our long term strategy to deliver sustainable on and off track success," said Group Chief Executive Officer Mike O'Driscoll. "We have not enjoyed the on-track success we had hoped for during the first part of the season, but the business remains efficient, cash positive and the decisions we have taken position us well to secure future success."
Among the projects the group is currently engaged in are high-performance vehicles under Nissan's Nismo brand, the new Jaguar C-X75 and the supply of battery hybrid systems to all 42 teams involved in the inaugural season of the FIA Formula E championship in 2014.
Williams Hybrid Power's energy storage technology helped power Audi to victory at the Le Mans 24 Hours for a second consecutive year, and the Williams Technology Centre recently announced a new collaboration with Qatar Petroleum to utilise its simulation technology in the study of tyre behaviour.
"We continue to invest in the future of Williams Advanced Engineering, with a state of the art facility due for completion at our Grove site by early next year," added O'Driscoll.