Silverstone, the home of British motor racing, has released its financial results for the year to December 30th 2008, in which it recorded a turnover of almost £40 million.

The results, which include the income and profits from the 2008 Formula One British Grand Prix, saw the track record an operating profit of £662,000 from an overall turnover of £38,226,000.

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

•Silverstone ranked number one UK conference venue"Silverstone is the UK's premier motor sport venue, run by one of the most experienced teams in the business, as evidenced this year by our hosting of the most commercially successful Formula One Grand Prix on the calendar," he added.

"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."

This summer, Silverstone was named as the best conference and meeting venue in the UK. Business Development Research Consultant's (BDRC) VenueVerdict analysed 150 venues, placing them in a league table based on post-event feedback from visitors. Silverstone, which drew more than 300,000 visitors to the British Grand Prix in June, was ranked number one.