Williams Grand Prix Holdings has announced the interim financial results for the first six months of 2011.
The team, which made its debut on the Frankfurt stock exchange in March, has announced its turnover is up five percent to $75.6 million, with a core profit before taxes up to $4.6 million. Its earnings per share have gone up 49 percent to 19.31.
Williams said full-year results are expected to show revenue growth of around 12 to 20 percent over 2010.
"The first half of 2011 shows momentum in our diversified growth, building on the foundations we laid in 2010," said team owner Frank Williams. "We have upgraded and extended existing partners Randstad and Oris, and added Interbrand as a new partner. Our new partnership with Jaguar Land Rover was followed by an exciting alliance announced with Renault, which will further strengthen our medium term performance both on and off the track."
Chairman Adam Parr added: "We are pleased to report interim results that demonstrate further progress of our Group strategy. Our core business has performed in line with expectations, with greater costs incurred in the first half.
"We have made several senior new appointments in engineering and aerodynamics, bolstering both our team devoted to improving track-side performance, and supporting our Jaguar Land Rover partnership.
"The June 2011 results benefit from full period ownership of Williams Hybrid Power, which has reported its first significant revenues, where we are ramping up commercial flywheel production following success with motorsport OEMs. We have also accelerated the development of Williams Technology Centre Qatar, where efforts to secure our first customer are progressing."