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From GMM
Williams has played down reports it suffered a financial loss last year, insisting instead that it is gearing up to expand.
Listed on the Frankfurt stock exchange, the British team this week revealed a pre-tax loss of almost $8 million last year, having turned a profit in 2011.
But spokesman James Francis said the financial report could not include almost $15 million in formula one income.
"If that figure had been included we would have turned a loss into a profit," he told the Oxford Mail.
"It would have been a smaller profit (than 2011), but a lot of investment has happened."
The Williams spokesman said building work on a new research and development department is still scheduled to start.
The team is yet to score a point in 2013.
"There is still a way to go for the team to get to where we should be," said Sir Frank Williams, "but improvements on previous seasons are evident."
Williams has played down reports it suffered a financial loss last year, insisting instead that it is gearing up to expand.
Listed on the Frankfurt stock exchange, the British team this week revealed a pre-tax loss of almost $8 million last year, having turned a profit in 2011.
But spokesman James Francis said the financial report could not include almost $15 million in formula one income.
"If that figure had been included we would have turned a loss into a profit," he told the Oxford Mail.
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| How profitable is racing to Williams? (Photo: WRi2) |
"It would have been a smaller profit (than 2011), but a lot of investment has happened."
The Williams spokesman said building work on a new research and development department is still scheduled to start.
The team is yet to score a point in 2013.
"There is still a way to go for the team to get to where we should be," said Sir Frank Williams, "but improvements on previous seasons are evident."