Williams team cut losses

Williams made a loss of £21.4 million in 2007 compared to a deficit of £27.7 million the previous year, according to accounts filed by the Formula One team this week.

Winners of 113 grands prix and nine constructors' championships since 1979, Williams are the only team in the sport not to be owned either wholly or in part by a car manufacturer or billionaire.

The 2007 and 2006 figures compare against a registered profit of £36 million in 2005. However, that figure was inflated by deferred taxation and a one-off compensation payment for releasing British driver Jenson Button to Honda.

Williams chief executive Adam Parr told Reuters the 2005 and 2006 figures needed to be taken together to show a more normal break-even over the period.

"Given the greater resources of our competitors we aim to maximise revenues and then match our budget to that number. Right now we cannot afford to make a profit any more than a loss," he said.

Williams reported turnover of £66.8 million , an increase of 15 per cent on 2006, which they said was due largely to improved sponsorship income. Turnover also includes prize monies.

Williams are currently eighth in the championship, five points behind sixth-placed Toro Rosso and two adrift of Red Bull with three races remaining.

The team have twice finished on the podium in 2008, with Germany's Nico Rosberg second in the night-time Singapore Grand Prix at the weekend.