Williams F1 have released their financial figures for 2017 in their annual statement, which have revealed a big rise in profits.
Williams F1 is part of the Williams Grand Prix Holdings PLC Group umbrella and, following a fifth-place finish in the Constructors' Standings last year, have seen revenue and EBITDA (earnings before interest, taxes, depreciation, and amortization) both on the up.
F1 revenue has risen by £8.9 million ($12.5m) to £125.6m ($176.6m) and profits increased 30 per cent to £16m ($22.5m), in comparison to £12.4m ($17.4m) in 2016.
Overall group profits have shrunk, though, from £15.5m to £10.5m, with 'other' costs relating to Williams Heritage and Williams Confernence being the reason behind the drop.
The Advanced Engineering arm of the business also recorded profit, up £800,000 to £5million.
Group chief executive officer Mike O’Driscoll said that the latest financial results were "solid" but has warned that the team need to improve if they want to record another strong year in 2018.
"The team at Williams delivered solid results last year and our 2017 financial performance reflects that continued progress," said O’Driscoll.
"Revenue was up at both the Formula One operation and Williams Advanced Engineering in 2017, following on from a strong performance in 2016. Our results gave us confidence to continue investing in our facility and technical capabilities.
"Our Formula One team maintained fifth place position in the FIA Constructors’ Championship for the second successive year. Williams Martini Racing was the only team, outside of the top three, to reach the podium in 2017, which was achieved by Lance Stroll at the Azerbaijan GP.
"This illustrates the large gap in competitive expenditure between the leading teams and the rest of the grid. We are hopeful that Liberty Media’s long-term vision for the future of the sport can deliver a more level playing field, on which all teams can compete more fairly.
"In the meantime, we are intensely focused on improving our own performance, following a tough start to this season’s campaign.
"Although there are many challenges on the horizon, we are well placed to succeed, with a strong and talented organization, and world class facilities.
"These results once again demonstrate the capabilities of the Williams team to continue to grow the business in a tough and unrelenting environment."