Williams' profits on track (From The Oxford Times)
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Williams' profits on track
10:59am Monday 10th September 2012 in Business
By Andrew Smith, Business Editor. Call me on 01865 425460
The company behind Formula One racing Williams has unveiled a healthy boost in its fortunes.
Financial results for the six months to June 30 show the Grove-based Williams group of companies which includes Williams Grand Prix Engineering and technology arm Williams Hybrid Power saw pre-tax profits rise to £6.3m in the six months to June 30 compared to £1.7m for the same period last year.
The financial success comes despite mixed fortunes on the track which see the team currently lying in eighth place in the constructors’ championship, although driver Pastor Maldonado did record the team’s first win in eight years at the Spanish Grand Prix.
Founder and team principal Sir Frank Williams said: “Williams is at a very exciting stage in its history and these promising results are indicative of this.
“We have made good progress on track this year, thanks in part to a new technical team, which has seen us pick up our first win in eight years.
“Our diversification strategy is also gaining momentum, positioning us as a leader in the development of cutting edge technology in areas such as sustainability and safety.”
