Williams profits up to keep team on track

Its drivers are stuck at the back of the grid and its shares have been battered, but at least the financial performance of Formula One team owner Williams looks on track.

Turnover for Williams Grand Prix Holdings rose 5% to £47.3 million in the first six months of the year, with pre-tax profits up 37% to £1.7 million.

But the Oxfordshire-based team is enduring a miserable season - currently ninth in the championship with just five points. Meanwhile, since its flotation in March, the shares have fallen 36%.

Chairman Adam Parr said: "The share price performance reflects the turmoil in European markets as well as the fortnightly feedback from the race-track. It is a sport where you have good and bad years. We are having a bad year, but the business is growing well."

He emphasised its tie-up with Jaguar to develop a super-car and a new deal with Renault to supply engines.

At the weekend, its former head of marketing, Scott Garrett, claimed that Williams will never have the funds to win again.

Parr said: "He's entitled to his view, but we will challenge for the championship again. It won't happen overnight but we have brilliant staff and one of the best facilities in Formula One."