Silverstone Holdings, which operates the Silverstone racetrack in Northamptoneshire, has announced an operating profit of £662,000 for 2008.

The figure – which includes income from the company’s property interests and circuit activity, including the British Grand Prix – is for the 12 months to 30 December and is based on a turnover of £38.2m.

Richard Phillips, managing director of Silverstone Holdings, said: "We have made substantial progress in diversifying the business into a successful multi-purpose venue and are now delivering consistently good financial results.

"The margins in motorsport are notoriously slim, but we remain one of the few venues in the world that produce a small profit from our blue riband event.

"We are growing our sales well and this, combined with an exciting investment plan and our new MotoGP event, makes us optimistic about our future."