Williams chief executive Adam Parr has contradicted the latest speculation about the financial health of the British team.

Just as the new Toyota-powered FW31 was unveiled in Portugal, dire news about the financial health of major sponsor Royal Bank of Scotland (RBS) was circulating.

The FW31, however, bore the RBS logos at its Portimao track debut on Monday, as well as enlarged signage by the electronics company Philips.

Parr said: "We never take anything for granted, but our 2009 and 2010 budgets are in place thanks to the support of our partners as well as the increased revenues from FOM and the work being done by FOTA and the FIA to reduce costs."

Technical director Sam Michael is hopeful for an improvement in Williams' recent form this year, but he said the "Williams way" is to "under-expect and over-deliver".

He countered reports that the team has already begun to shed staff, for example by dismantling the test team.

"To say we won't have to do that in the future, I can't say, because it's an ever-changing landscape, but we haven't done anything on that front so far," the Australian said.