Williams revs up for a drive toward growth

Formula One operator Williams yesterday said it had "a solid foundation from which to grow" after posting a 28 per cent surge in profits and slashing its debt.

In February, the UK-based company became the first ever F1 outfit to be admitted to the open market when it began to offer shares on the Frankfurt Stock Exchange.

Its 2010 results highlighted a pre-tax profit of 5.8 million, up from 4.4m a year earlier.

While company turnover fell to 91m from 108.3m in 2009, overall debt has been cut to 2.4m from 9.3m a year ago and 24.8m at the end of 2007.

The figures will be welcomed by a team seeking to build a strong financial foundation after several years in the doldrums and without a world title since 1997.

Sir Frank Williams, who founded the team in 1977 alongside Patrick Head, said he was confident the operation was heading in the right direction.

"Commercially, 2010 has given Williams a solid foundation," he said. "Amidst one of the harshest sponsorship environments for a long time, we signed Petroleos de Venezuela and extended existing partners Randstad and Oris."