Wantage-based Williams Grand Prix Holdings (WGPH), which trades as Williams Martini Racing, has said that its revenue from Formula One and “a special non-recurring sponsorship payment” helped to boost its overall income by 25% to £132.4 million for the year to 31 December.

WGPH is the holding company of the Williams group of companies, which includes Williams Grand Prix Engineering Ltd.

Williams Advanced Engineering — the division that commercialises F1-derived technology — generated an income broadly in line with the previous year at £15.6 million, slightly up from £15.5 million.

Williams team principal Sir Frank Williams said: “Although 2013 was a difficult season for the team on the race track, we report these full-year results at a time of much optimism. We have started the 2014 F1 season well and hope we can continue to improve our performance. These annual results demonstrate that we continue to manage our business in a fiscally responsible way and provide the foundation from which we can continue to grow.”

Group chief executive Mike O’Driscoll said the business has strengthened both its F1 engineering team, which is now led by Pat Symonds, and Williams Advanced Engineering, which is now run by new MD Craig Wilson. He said: “We began the process of re-focusing and re-structuring mid-way through last year, and we are making good progress.

“A long-term power unit contract with Mercedes-Benz has already proved its worth and supported a strong start to the season. Solid commercial progress through the winter months included a new title sponsorship and re-branding under the Williams Martini Racing banner, plus additional new partners. We also recently announced the sale of Williams Hybrid Power to global engineering company GKN in a multi-million-pound deal.”