Williams clarifies reports of financial loss

May 3 (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."