Williams enjoys revenue and profit boost in 2016

The Williams F1 team has just released its annual results which show an increase in income to £116.7 million in the year ending 31 December 2016.

The Grand Prix outfit, the only team publicly quoted on an exchange - with the exception of the Scuderia which is included in Ferrari's overall numbers - also generated a profit of £12.4m in the fiscal year.

Williams finished fifth in the Constructors' championship last year, two spots lower then where it paced in 2015 as it was outpaced last season by both Force India and Red Bull.

Given the important expenditure in 2016 linked with developing the new-spec FW40, Williams' positive results reflect stringent management, with CEO Mike O'Driscoll at the helm.

Shareholders will also take note of the outstanding performance of the Williams Advanced Engineering division which aims to exploit F1 technology in other fields of expertise.

It enjoyed a74% increase in revenue thanks to its expertise in battery and EV technology coupled with its capabilities in lightweight materials, aerodynamics and systems integration.

Lowe: 'Absolutely possible for Williams to win a championship'

"Our 2016 financial results represent continued improvement, with strong revenue growth across both Formula One and Advanced Engineering," said O’Driscoll.

"Following a complete restructuring of our business over the previous two years, both operationally and financially, we made further gains in 2016.

"Our Formula One division continued to operate profitably, despite enormous levels of competitive spending in what is arguably sport’s toughest financial environment.

"Williams Advanced Engineering, although still a developing business, continues to make excellent progress.

"Our Formula One team achieved fifth place in the Constructors’ Championship in 2016, following successive third place finishes the previous two years.

"Commercial rights income is paid a year in arrears, and these accounts reflect our third place in the 2015 Constructors’ Championship.

"We have recently made significant new appointments to our technical team, in our push to improve on-track performance and drive Williams Martini Racing to the front of the grid.

"Our team continues to attract support from some of the world’s leading companies and brands, and we are very optimistic about the overall potential for the sport, under Liberty Media’s stewardship."

GALLERY: F1 drivers' wives and girlfriends

Keep up to date with all the F1 news via Facebook and Twitter

Phillip van Osten

Motor racing was a backdrop from the outset in Phillip van Osten's life. Born in Southern California, Phillip grew up with the sights and sounds of fast cars thanks to his father, Dick van Osten, an editor and writer for Auto Speed and Sport and Motor Trend. Phillip's passion for racing grew even more when his family moved to Europe and he became acquainted with the extraordinary world of Grand Prix racing. He was an early contributor to the monthly French F1i Magazine, often providing a historic or business perspective on Formula 1's affairs. In 2012, he co-authored along with fellow journalist Pierre Van Vliet the English-language adaptation of a limited edition book devoted to the great Belgian driver Jacky Ickx. He also authored "The American Legacy in Formula 1", a book which recounts the trials and tribulations of American drivers in Grand Prix racing. Phillip is also a commentator for Belgian broadcaster Be.TV for the US Indycar series.