( CNN ) -- Formula One team Williams has announced an increase in profits for the first half of 2011 . Despite enduring their worst season on the track , Williams Grand Prix Holdings recorded pre-tax profits were up 37 % from $ 2.07 million to $ 2.7 million while turnover rose 5 % from $ 71.8 million to $ 75.5 million . `` Our core business has performed in line with expectations , with greater costs incurred in the first half , '' Williams chairman Adam Parr said , the BBC web site reported . `` We have made several senior new appointments in engineering and aerodynamics , bolstering both our team devoted to improving track-side performance , and supporting our Jaguar Land Rover partnership , '' Parr added , the BBC web site reported . Williams founder and team principal , Frank Williams said the results built on the foundations laid in 2010 while highlighting `` momentum in our diversified growth . '' `` We have upgraded and extended existing partners , whilst our new partnership with Jaguar Land Rover was followed by an exciting alliance announced with Renault ( who now provide their engines ) , which will further strengthen our medium-term performance both on and off the track , '' Williams said , the UK 's Press Association reported .
Williams team profits rise from $ 2.07 million to $ 2.7 million in first half of 2011 . Team principal , Frank Williams says growth highlights `` momentum and `` diversified growth . ''